(a) The State Economic Opportunity Office shall administer a low-interest loan program.

(b) Loans may be made to persons unable to obtain conventional financing for the purpose of establishing or expanding or renovating a child care facility in this State. The terms of the loans shall be determined by the State Economic Opportunity Office, but shall not be made in an amount in excess of $10,000.00 to any single applicant, nor at a rate to exceed eight and one-half percent, simple interest per annum.

(c) A Child Care Facilities Financing Revolving Loan Fund shall be established for the Child Care Facilities Financing Program within the State Economic Opportunity Office of the Agency of Human Services. The Fund shall contain appropriations provided for that purpose and all repayments of principal and interest of loans under this section. Interest earnings may be used for administration of this Program.

(d) The Director of the Office of Economic Opportunity shall establish by rule, the criteria, conditions, and procedures that will be used in administering the provisions of this subchapter. (Added 1987, No. 206 (Adj. Sess.); amended 1995, No. 188 (Adj. Sess.), § 7; 2005, No. 174 (Adj. Sess.), § 113.)