(a) To be eligible for a matching grant under this subchapter, an applicant shall:
(1) Be an eligible business;
(2) Certify that:
(A) The eligible business:
(i) For Phase I applications, has received a Small Business Innovation Research grant from a sponsoring agency in response to a specific federal solicitation; or
(ii) For Phase II applications, has:
(a) Submitted a final Phase I report to the sponsoring agency;
(b) Demonstrated that the sponsoring agency has interest in the Phase II proposal; and
(c) Submitted a Phase II proposal to the sponsoring agency; and
(B) All federal Small Business Innovation Research grant requirements will be met.
(b) An eligible business awarded a matching grant under this subchapter shall:
(1) Remain in Arkansas for the duration of the matching grant project;
(2) Designate an Arkansas resident or employee as the principal investigator/project manager during the duration of the matching grant; and
(3) Be principally engaged in one (1) or more of the following targeted business activities:
(A) Advanced materials and manufacturing systems;
(B) Agriculture, food, and environmental sciences;
(C) Biotechnology, bioengineering, and life sciences;
(D) Information technology;
(E) Transportation logistics; and
(F) Bio-based products.
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