To Repeal The Requirement That The Arkansas Development Finance Authority Submit A Report Concerning The Capital Access Fund.
Impact
The repeal of this reporting requirement is expected to have varied implications for state law and small business financing in Arkansas. By eliminating mandated financial reports, the bill aims to enhance the efficiency of the ADFA, potentially allowing for quicker and more responsive support to small businesses. However, there are concerns that the lack of oversight and reporting could lead to a decrease in transparency regarding the fund's financial health and its economic impact, particularly for stakeholders who rely on such data for decision-making.
Summary
Senate Bill 382 seeks to repeal the requirement for the Arkansas Development Finance Authority (ADFA) to submit annual reports regarding the Capital Access Fund. This fund is instrumental in providing financial assistance to small businesses through programs such as the Arkansas Capital Access Program and the Arkansas Credit Reserve Program. Proponents of the bill argue that the repeal will streamline operations and reduce unnecessary bureaucratic burdens on the authority, allowing it to focus resources on more impactful activities rather than compliance with reporting requirements.
Sentiment
The sentiment surrounding SB 382 appears to be divided among legislators and economic stakeholders. Supporters laud the bill as a practical step towards reducing red tape and enabling the ADFA to operate with greater flexibility. Conversely, opponents caution against the potential for reduced accountability, fearing that the absence of regular reporting may obscure critical financial information and hinder legislative oversight of the fund’s activities.
Contention
A key point of contention in the discussions around SB 382 is the balance between regulatory burden and financial transparency. Legislators are grappling with the implications of removing an established reporting mechanism designed to keep the public and governmental bodies informed about the economic impact of the Capital Access Fund. Critics argue that without these reports, the state may compromise its ability to assess the effectiveness of financial programs aimed at supporting small businesses, which could ultimately affect economic growth and stability.
To Repeal The Arkansas River Navigation System Fund; To Provide Additional Funding For The Arkansas Port, Intermodal, And Waterway Development Grant Program Fund; And To Create A Waterways Investment Income Tax Credit.
To Provide Additional Funding For The Arkansas Port, Intermodal, And Waterway Development Grant Program Fund; And To Create A Waterways Investment Income Tax Credit.
Concerning A Report By The Director Of The Arkansas Economic Development Commission Concerning Contracts Awarded To Businesses In Operation Less Than Five Years.
Concerning Cybersecurity Insurance; To Establish The Arkansas Self-funded Cyber Response Program And The Arkansas Cyber Response Board; And To Create The Arkansas Self-funded Cyber Response Program Trust Fund.