(1) "Eligible business" means a for-profit business that:
(A) Is registered as a business entity in good standing with the Secretary of State; and
(B) Has its principal place of business in Arkansas;
(2) "Matching grant" means a discretionary grant of up to fifty percent (50%) of the amount of a federal Small Business Innovation Research grant for each approved matching grant application;
(3) "Principal investigator/project manager" means the primary individual designated by an eligible business to provide the scientific and technical direction to a project supported by a matching grant; and
(4) "Small Business Innovation Research Program" means the federal program administered by the United States Small Business Administration according to regulations adopted pursuant to 15 U.S.C. § 638, as it existed on October 1, 2016, which provides funds for Phase I and Phase II Small Business Innovation Research grants through participating federal agencies.
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