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LITTLE ROCK, Ark. (KTHV) -- The Arkansas legislature will consider a bill to spur job growth in the state.

The "New Market Jobs Act" will allow the use of private investments to the tune of $166 million in existing companies to help them expand and add more jobs. Sponsor Darrin Williams, D-Little Rock, said the Arkansas Economic Development Commission will administer the program.

"What's really important about that is because these jobs will be located in low-income communities where they are needed, where people need to go to work," said Williams.

Eleven other states have similar programs. Since Florida and Missouri started theirs, they've added more than 35,000 jobs.

Senator Jonathan Dismang is co-sponsoring this bill.