Arkansas Quick Action Loan Program
- Allocation of $4,000,000 from the Governor’s Quick Action Closing Fund, and an additional $3,000,000 from the Attorney General’s Consumer Education and Enforcement Fund.
- Eligible companies may apply for a loan or loan guaranty of up to $250,000.
- The Quick Action Closing Fund allocation will prioritize small to medium-sized companies that are in the supply chain of essential goods and services (including healthcare, food manufacturing, logistics).
- The allocation from the Attorney General will support small businesses.
- The program includes both loan guarantees and direct lending to businesses.
Arkansas Community Development Block Grant (CDBG)
Up to $12 million in CDBG assistance will be made available for COVID19 relief and recovery. This money will be used to provide grants to eligible local governments with which to provide direct economic assistance in the form of loans to companies impacted by COVID19 and grants to clinics, hospitals and other non-profits who are working hard to provide care in rural Arkansas and to vulnerable populations such as the homeless. AEDC is undertaking necessary regulatory steps required by the federal government to implement this assistance. This page will be updated as more information becomes available.
Arkansas Small Business & Technology Development Center (ASBTDC)
Arkansas Secretary of State
Women’s Foundation of Arkansas Launches Assistance Fund For Women Owned Small Businesses
Arkansas Community Foundation Establishes Statewide COVID-19 Relief Fund
Additional State Resources and Information
Arkansas Attorney General Leslie Rutledge announced the allocation of $1 million for the State to acquire lifesaving personal protective equipment (PPE) to be used by doctors, nurses and medical providers in the State to combat COVID-19. Read more here.
Impact of COVID-19 On The Arkansas Economic Outlook (by Michael Pakko, an economist with the Arkansas Economic Development Institute)
- Provides an alternative for employers faced with a reduction in their workforce
- Allows an employer to divide available work or hours of work among a specific group(s) of employees in lieu of a layoff
- Allows the employees to receive a portion of their unemployment benefits while working reduced hours