(1) There is a small business state matching grant program established within the department of commerce to provide guidelines and state matching grants to businesses meeting the criteria in 90-1-118 that have received phase I funding for federal small business innovative research grants or small business technology transfer grants and that are applying for phase II federal small business innovative research grants or small business technology transfer grants.
(2) The state matching grants available for the small business state matching grant program are from any funds received for the program or appropriated to the program by the legislature.
(3) The purpose of the program is to foster job creation and economic development in the state by providing state matching grants to eligible businesses meeting the criteria described in 90-1-118.