(a) The Arkansas Existing Workforce Training Program shall provide matching funds or approve income tax credits to eligible companies or consortia at a rate to be determined by the governing council.
(b) Matching funds may be provided to state-supported educational institutions to upgrade the skills of regular or adjunct faculty if approved by the governing council. Matching funds to upgrade faculty skills will only be granted when there is a documented demand for training in the area served by the educational institution and when there is no faculty member who can provide the needed training.