Arkansas
Venture Center & ABA Launch Fintech Accelerator for Arkansas Banks
(The Venture Center of Little Rock)
The Venture Center and the Arkansas Bankers Association have teamed up to launch a new technology accelerator aimed at addressing challenges specific to Arkansas banks.
Ten startups will be selected for the Arkansas Banking Solutions Accelerator, a 12-week program to advance technology in the state and help local banks navigate the ever-changing financial sector.
This initiative marks a shift for the Venture Center, which has led the program for years with the Independent Community Bankers of America. But the new partnership with the ABA is part of an ongoing effort to “refocus on Arkansas,” said Daniel Schutte, vice president of strategic partnerships at the Venture Center.
The Banking Solutions Accelerator distinguishes itself from other fintech accelerators by targeting specific pain points of Arkansas banks. One major issue banks are facing is what Lorrie Trogden, president and CEO of the ABA, calls a “huge niche” — compliance and regulatory technology, especially in an increasingly complex landscape.
“We face a myriad of new regulations constantly. It feels like every day there’s a new regulation coming out,” Trogden said.
She cited Regulation 1071, which requires financial institutions to compile and report lending data for women-owned, minority-owned and small businesses, all within an 18-month period.
Those regulatory burdens can be especially challenging for smaller community banks, which sometimes lack the resources and funds to develop in-house solutions, Trogden said.
“It’s one thing to have something new and shiny and great. And there will always be a place for that,” Trogden said. “But for the banks, it’s all driven by regulation.”
In hopes of addressing regulation technology, or regtech, the program aims to connect Arkansas banks with companies that can provide tailored, cost-effective solutions. While companies from anywhere can apply, Schutte noted there might be some “bias” towards regional companies already addressing problems faced by Arkansas banks.
Though he emphasized that overall, the program is still looking for the “best tech.”
The selection process will involve interviews conducted by the Venture Center, followed by a committee review to choose the startups with the most potential. Selected companies will have one-on-one meetings with leaders in the Arkansas banking industry and ABA-member banks, as well as access to the Venture Center’s out-of-state network.
A key focus of the accelerator is addressing the needs of community banks, which are a significant part of Arkansas’ financial landscape. On top of aiding regulatory compliance, the program aims to help local banks stay technologically competitive and prevent customers from going out of state for more advanced offerings.
“We want to keep all of the dollars that are coming from Arkansas citizens with our banks that are here in Arkansas,” Trogden said. “We want to provide everything that they need so they don’t have to take their dollars outside of the state. I think that’s what this accelerator program will do.”
The Banking Solutions Accelerator, which will begin in mid-September, will conclude with a demo day in December, during which the ten selected companies will pitch their solutions to potential investors and industry participants. Each company will receive a monetary investment, and the event is expected to attract around 400 attendees.
“We fundamentally believe we can impact Arkansas through this,” Schutte said. “That’s really our fundamental goal long term: doing it all where banks win, companies win, the state wins. Nobody loses in this kind of economic development work.”
Arkansas
Ole Miss Football Reveals Uniform Combination For Road Game vs. Arkansas
The No. 19 Ole Miss Rebels have a big test on Saturday when they travel to face the Arkansas Razorbacks in Fayetteville, and we now know what uniform combination coach Lane Kiffin’s team will feature on the field.
For the first time in two years, the Rebels will not be wearing a different uniform combination in each of its regular season games. Ole Miss is reusing the uniform it wore earlier in the year at South Carolina, opting to don powder blue helmets, white jerseys with powder blue accents and white pants.
You can view the uniform reveal below, complete with modeling from edge rusher Princely Umanmielen.
Since this is the first year the Rebels have ever used this jersey, they are technically undefeated all-time in this uniform combination after knocking off South Carolina 27-3 in Columbia earlier this year. They hope that good luck follows them to Fayetteville this weekend, a place they have not won since 2008.
The last time Ole Miss reused a uniform combination during the regular season came in 2021, but the last time they did it in a campaign including the postseason was in 2022 when they repeated a uniform in the Texas Bowl against Texas Tech. Assuming this is the Rebels’ only road jersey in this year’s rotation, we should also see a repeat when Ole Miss travels to face Florida later in November.
Kickoff on Saturday between Ole Miss and Arkansas is scheduled for 11 a.m. CT, and the game will be televised on ESPN.
Arkansas
Arkansas purchases Franklin County land for new prison site • Arkansas Advocate
The state has purchased 815 acres in Charleston for $2.95 million to build a new prison to help alleviate overcrowding that requires housing inmates in county jails, Arkansas officials announced Thursday.
The state spends roughly $30 million a year to house about 3,000 inmates in county facilities, according to a press release. More prison beds also likely will be needed in the future due to the Protect Arkansas Act. Backed by Gov. Sarah Huckabee Sanders, the 2023 law overhauls the state’s parole system and eliminates the possibility of parole for the most serious offenders.
“The Department of Corrections’ mission is to provide safety and hope for Arkansans, but we won’t accomplish that effectively without adequate bed capacity,” Secretary of Corrections Lindsay Wallace said in a statement.
“Working with Governor Sanders, our Department has opened more than 1,100 prison beds to alleviate our state’s longstanding bed shortage and we plan to open hundreds more soon. With this new facility, we will add even more beds and deliver on our promises to the people of Arkansas.”
Department of Corrections officials did not have an estimated timeline or a full cost estimate for the prison Thursday. The project is expected to create thousands of construction jobs, and once the prison is built, it’s estimated it will employ nearly 800 people at an annual average salary of $46,600, according to the release.
Located about a half hour east of the Oklahoma border, the secluded Franklin County site offers needed infrastructure for what’s expected to be a 3,000-bed facility, including cell phone reception, water lines, electricity and a nearby fire department, and it’s also close to thousands of workers who could staff the facility, officials said.
Unofficial news about the purchase broke Wednesday when KDYN Radio announced in a social media post that Sanders would discuss the prison project on air Thursday afternoon. The news garnered hundreds of comments, many of which expressed displeasure about building a prison in the region and concerns about a lack of community input.
Asked about these issues during Thursday’s broadcast, Sanders said local officials were not involved in the site selection process, which was “a state-funded, state decision,” but said some were notified ahead of the formal announcement. Sanders said her administration has been very open about building a new prison in the state and is committed to working with local stakeholders throughout the rest of the process.
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Additionally, Sanders said the project is a major economic investment in the area and will help improve public safety in the state.
“These people that we will be locking up in this prison can either be in this prison and in this facility where they are guarded or they can be in your community, and right now that’s our alternative,” Sanders said.
“Right now we don’t have the space and we don’t have the ability to arrest and lock them up. So instead of letting people free, we can put them in this facility and make sure that our state and our communities are infinitely safer.”
The governor said she’d like to break ground as soon as possible, but noted it will likely be a couple of years before the facility is fully operational. The Board of Corrections must vote to approve the prison site before construction can begin, according to the governor’s office.
It’s been two decades since the state last built a new prison. The first phase of the Ouachita River Correctional Unit opened in Malvern in 2004 when Sanders’ father, Mike Huckabee, was governor.
Nearly 20 years later, former Gov. Asa Hutchinson proposed expanding the Corrections Department’s North Central Unit in Calico Rock by almost 500 beds using surplus funds. State lawmakers approved $75 million for the expansion in December 2022, but the project was put on hold when Sanders took office in January 2023.
Arkansas prison board OKs managerial contract to develop new facility
Last November, the governor and attorney general began butting heads with the Board of Corrections over plans to expand the state’s prison capacity and who has ultimate authority over Arkansas’ correctional system. The dispute resulted in lawsuits and the firing of former Corrections Secretary Joe Profiri, who was then hired as a senior advisor to the governor. Officials said Thursday they anticipate relying on his expertise while building the new prison.
While discussions about a new prison continued, the Department of Corrections in August turned its attention to immediate expansions when officials announced more than 100 inmates were being moved into a vacant work release facility at the Tucker Unit in Jefferson County. Officials also announced nearly 325 additional beds were planned in three other state correctional facilities in Batesville, Texarkana and Newport.
In September, Arkansas prison officials approved the acquisition of two facilities in Mississippi and Phillips counties for additional expansion opportunities.
The Board of Corrections earlier this month voted to approve a contract with Vanir Construction Management to help oversee development of the new prison.
The board’s next meeting is scheduled for 10:30 a.m. Monday at the Tucker Unit. The agenda includes a discussion about new bed space and an update on the county jail backup.
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Arkansas
Are Ole Miss, Arkansas Primed For Another Wild Matchup? | Locked On Ole Miss Podcast
Today’s Locked On Ole Miss Podcast discusses how Lane Kiffin has his work cut out for him in this game between the Ole Miss Rebels and Arkansas Razorbacks. John Nabors from Locked On Razorbacks joins the show to talk about the matchup and why this game is always the craziest on the schedule.
This matchup is absolutely massive for the Rebels because of what it means in the College Football Playoff race. Ole Miss has the Kentucky albatross around its neck which makes this game really important for Lane Kiffin, Jaxson Dart and a defense that includes linebacker Chris Paul Jr. returning to Fayetteville. This game means more than it has recently with Ole Miss looking to win its fifth matchup in the last seven meetings but its first in Fayetteville since 2008.
In our final segment of the day, we give our final predictions on the Ole Miss vs. Arkansas game and look at players who are poised to stand out on Saturday. Who wins and how ridiculous will it be?
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