(b) For purpose of this section an applicant is:

1. (1) A licensed entity that has filed an application for a loan under this section no later than July 1, 2016;
2. (2) A licensed entity operating in West Virginia; and
3. (3) A licensed entity that operates a resort comprised of at least seventy-five acres and employing a minimum of one hundred employees.

(c) The proceeds of the loans:

1. (1) May be used only to refinance the existing indebtedness of qualifying applicants; and
2. (2) May not exceed the outstanding indebtedness of the qualifying applicants as of January 1, 2016.

(d) The loans shall be:

1. (1) Made under terms and conditions established by the Economic Development Authority.
2. (2) Collateralized as determined by the Economic Development Authority.