(a) Establishment.  The Innovate Rhode Island Small Business Account is hereby established as a special revenue fund in STAC.

(b) Purpose.  The Innovate Rhode Island Small Business Account (“IRISBA”) shall be used for the Rhode Island SBIR/STTR Incentive Program, the Rhode Island SBIR/STTR Matching Funds Program, and the Rhode Island Bioscience & Engineering Internship Program, as specified in this chapter. Moneys in the IRISBA shall be allocated as specified in this chapter and shall not exceed available funds in the account.