Grants and loans awarded or guaranteed under this chapter may be used only for the following purposes, when necessary for the creation and operation of an incubator:

1. (1) The acquisition and leasing of land and existing buildings.
2. (2) The construction or rehabilitation of buildings or other facilities.
3. (3) The purchase of equipment and furnishings.
4. (4) The payment of operating expenses of the incubator during the first twenty-four (24) months of its operation.

As added by P.L.4-2005, SEC.34.