HB1375
To Require A Report Concerning Funds Supporting Programs For Individuals Starting New Businesses Or Businesses Established Within The Previous Five Years.
AI-Generated Summary
This bill proposes to amend Arkansas Code by adding a new section that requires the Secretary of the Department of Commerce to file an annual report. This report will detail the allocation of workforce development funding. Specifically, it will identify the percentage and total dollar amount of such funding that supports organizations or programs aimed at individuals starting new businesses or businesses established within the last five years. The report will include funding from workforce development boards statewide. The data collected will cover support for entrepreneurs and early-stage businesses. The annual report must be filed by January 1st of each year. It will be submitted to the Governor and the House and Senate Committees on Insurance and Commerce. The first report under this new section is due by January 1, 2027.
Potential Impact Analysis
Who Might Benefit?
The primary beneficiaries of this bill are individuals starting new businesses and businesses that have been established within the previous five years. These entities, as well as organizations and programs that support them through workforce development funding, would benefit from increased transparency and potential reallocation of resources based on the data reported. The general public in Arkansas could also indirectly benefit from a potentially more robust and targeted support system for new and emerging businesses, which could lead to economic growth and job creation.
Who Might Suffer?
No specific groups or entities are directly and negatively impacted by this bill as it is purely a reporting requirement. However, the Department of Commerce and workforce development boards would be required to dedicate resources and staff time to gather and compile the necessary data for the annual report. If the reporting requirements lead to a redirection of funds away from existing programs, those programs and their beneficiaries could be negatively impacted.