(a) A local government shall use a grant under this part:
- (1) to provide loans or loan guarantees, or to subsidize the interest rate on loans, for financing economic development projects; or
- (2) to provide loans to small businesses.
- (b) The Department may require that money from a grant under this part be returned to the Department if the local economic development fund is inactive for more than 2 years after the grant is made.
Added by Acts 2008, c. 306, § 2, eff. Oct. 1, 2008.