(a) For a technology-based enterprise or venture capital fund to be eligible for financial assistance under this subchapter, the technology-based enterprise or venture capital fund shall:
(1) Demonstrate that at least one dollar ($1.00) of financial assistance provided by the Arkansas Venture Capital Development Fund will result in at least one dollar ($1.00) of new private financial assistance;
(2) Demonstrate a reasonable expectation that financial assistance from the Arkansas Venture Capital Development Fund can, over time, result in private financial assistance that is at least ten (10) times the amount of financial assistance provided by the Arkansas Venture Capital Development Fund; and
(3) Have no more than five hundred (500) employees.
(b) Funds from the Arkansas Venture Capital Development Fund shall not be used to provide financial assistance that exceeds five million dollars ($5,000,000) to any single technology-based enterprise or venture capital fund.