§ 19-5-1240 - Minority Business Loan Mobilization Revolving Fund. - Arkansas Statutes

19-5-1240. Minority Business Loan Mobilization Revolving Fund.

(a) There is created on the books of the Treasurer of State, the Auditor of State, and the Chief Fiscal Officer of the State a miscellaneous fund to be known as the "Minority Business Loan Mobilization Revolving Fund".

(b) The Minority Business Loan Mobilization Revolving Fund shall consist of the unexpended fund balances remaining in the Small Business Loan Fund Account of the 82nd Session General Improvement Fund as of the close of business on June 30, 2009, and such other funds as may be authorized by law.

(c) All reimbursements, repayments of loans, and interest earned and deposited into the Minority Business Loan Mobilization Revolving Fund from any source shall be treated as a refund to expenditure.

(d) The Minority Business Loan Mobilization Revolving Fund shall be used to promote the development of minority business enterprises in the state, increase the ability of minority business enterprises to compete for state contracts, and sustain the economic growth of minority business enterprises in the state.