Arkansas § 15-3-603 - Definitions.

§ 15-3-603. Definitions.

As used in this subchapter: “Business and technology accelerator” means a full-time, immersive program administered by an eligible applicant to potentially invest in, mentor, and accelerate commercial development of start-up businesses; “Business and technology accelerator grant” means a discretionary grant of up to two hundred fifty thousand dollars ($250,000) for each approved business and technology accelerator application; and “Eligible applicant” means an entity that is: Registered as a business entity in good standing with the Secretary of State; and Principally engaged in one (1) or more of the following categories of business or industry: A manufacturer classified in sectors 31-33 of the 2012 North American Industry Classification System; A business that: Is primarily engaged in the design and development of prepackaged software, digital content production and preservation, computer processing and data preparation services, or information retrieval services; and Derives at least seventy-five percent (75%) of its sales revenue from out of state; An office sector business whose business operations support primary business needs, including without limitation customer service, credit accounting, telemarketing, claims processing, and other administrative functions that: Is a nonretail business; and Derives at least seventy-five percent (75%) of its sales revenue from out of state; A national or regional corporate headquarters as classified in code 551114 of the 2012 North American Industry Classification System; A scientific and technical services business that derives at least seventy-five percent (75%) of its sales revenue from out of state; A firm primarily engaged in commercial, physical, and biological research as classified in code 541711 or code 541712 of the 2012 North American Industry Classification System; and A firm engaged in one (1) or more of the following categories: Advanced materials and manufacturing systems; Agriculture, food processing, and environmental sciences; Biotechnology, bioengineering, and life sciences; Information technology; Transportation logistics; and Internet-enabled technology or service solutions for one (1) or more of the categories described in subdivisions (3)(B)(vii)(a)-(e) of this section. History Acts 2017, No. 165, § 2.