# Ark. Code Ann. § 15-5-706: Evaluation of small-business persons

> Arkansas · Statutes · In force

URL: https://www.frixlaw.com/law-library/statutes/STATE_AR_T15_C5_S7_S15-5-706

## Section

- **Citation:** Ark. Code Ann. § 15-5-706
- **Heading:** Evaluation of small-business persons
- **Jurisdiction:** Arkansas
- **Kind:** Statutes
- **Status:** In force
- **Text as of:** August 14, 2026
- **Source:** Compiled text
- **Location:** AR Code / Title 15 / Chapter 5 / Subchapter 7 / Section 15-5-706

## Text

(a) The Arkansas Development Finance Authority shall promulgate standards and rules for the evaluation of the financial condition and business history of the small-business person and may require the attachment to each application for a loan or guaranty or qualified investment under this subchapter of a financial report and evaluation by an independent certified public accountant firm in addition to such examination and evaluation as the authority may make in determining whether the small-business person meets prescribed minimum standards and qualifications before entering into any guaranty under this subchapter. (b) The authority may also promulgate rules for the handling of disbursements from and payments to the Small Business Revolving Loan Fund and the Direct Fund and for the management and implementation of programs provided in this subchapter, specifically including the establishment of amounts to be made available for small businesses in rural areas. Amended by Act 2019, No. 315,§ 1085, eff. 7/24/2019. Amended by Act 2015, No. 1060,§ 12, eff. 4/4/2015. Acts 1989, No. 623, § 5; 1991, No. 775, § 4; 1991, No. 874, § 4; 1995, No. 1329, § 5.

(a) The Arkansas Development Finance Authority shall promulgate standards and rules for the evaluation of the financial condition and business history of the small-business person and may require the attachment to each application for a loan or guaranty or qualified investment under this subchapter of a financial report and evaluation by an independent certified public accountant firm in addition to such examination and evaluation as the authority may make in determining whether the small-business person meets prescribed minimum standards and qualifications before entering into any guaranty under this subchapter.

(b) The authority may also promulgate rules for the handling of disbursements from and payments to the Small Business Revolving Loan Fund and the Direct Fund and for the management and implementation of programs provided in this subchapter, specifically including the establishment of amounts to be made available for small businesses in rural areas.

Amended by Act 2019, No. 315,§ 1085, eff. 7/24/2019.

Amended by Act 2015, No. 1060,§ 12, eff. 4/4/2015.

Acts 1989, No. 623, § 5; 1991, No. 775, § 4; 1991, No. 874, § 4; 1995, No. 1329, § 5.

## Nearby sections

- [Ark. Code Ann. § 15-5-701 Title](https://www.frixlaw.com/law-library/statutes/STATE_AR_T15_C5_S7_S15-5-701.md)
- [Ark. Code Ann. § 15-5-702 Legislative findings and declaration of public necessity](https://www.frixlaw.com/law-library/statutes/STATE_AR_T15_C5_S7_S15-5-702.md)
- [Ark. Code Ann. § 15-5-703 Definitions](https://www.frixlaw.com/law-library/statutes/STATE_AR_T15_C5_S7_S15-5-703.md)
- [Ark. Code Ann. § 15-5-704 Duty of authority](https://www.frixlaw.com/law-library/statutes/STATE_AR_T15_C5_S7_S15-5-704.md)
- [Ark. Code Ann. § 15-5-705 Funding or guarantee of loans - Conditions](https://www.frixlaw.com/law-library/statutes/STATE_AR_T15_C5_S7_S15-5-705.md)
- [Ark. Code Ann. § 15-5-706 Evaluation of small-business persons](https://www.frixlaw.com/law-library/statutes/STATE_AR_T15_C5_S7_S15-5-706.md)
- [Ark. Code Ann. § 15-5-707 Small Business Revolving Loan Fund - Investment of funds](https://www.frixlaw.com/law-library/statutes/STATE_AR_T15_C5_S7_S15-5-707.md)
- [Ark. Code Ann. § 15-5-708 Applications - Supporting documents](https://www.frixlaw.com/law-library/statutes/STATE_AR_T15_C5_S7_S15-5-708.md)
- [Ark. Code Ann. § 15-5-709 Applications - Review - Confidentiality and public disclosure - Notice](https://www.frixlaw.com/law-library/statutes/STATE_AR_T15_C5_S7_S15-5-709.md)
- [Ark. Code Ann. § 15-5-710 Liability of authority's members and staff](https://www.frixlaw.com/law-library/statutes/STATE_AR_T15_C5_S7_S15-5-710.md)
- [Ark. Code Ann. § 15-5-711 Grants to fund](https://www.frixlaw.com/law-library/statutes/STATE_AR_T15_C5_S7_S15-5-711.md)
- [Ark. Code Ann. § 15-5-712 Power to make grants and loans](https://www.frixlaw.com/law-library/statutes/STATE_AR_T15_C5_S7_S15-5-712.md)
- [Ark. Code Ann. § 15-5-713 Funding of qualified investments](https://www.frixlaw.com/law-library/statutes/STATE_AR_T15_C5_S7_S15-5-713.md)
- [Ark. Code Ann. § 15-5-714 Entrepreneur Fee Waiver Pilot Program - Definition](https://www.frixlaw.com/law-library/statutes/STATE_AR_T15_C5_S7_S15-5-714.md)

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Source: Frix Law Library, https://www.frixlaw.com/law-library/statutes/STATE_AR_T15_C5_S7_S15-5-706. Check the current official text before relying on it. Not legal advice.