There is established a Hawaii water infrastructure loan program, which shall be a loan program as defined under section 39-51. The program shall be administered by the department in a manner consistent with chapter 39, part III. This loan program may include:
(1) Loans made, on terms approved by the department, to:
(A) Private entities, whether corporations, partnerships, limited liability companies, or other persons, which entities may lease or provide water infrastructure equipment to utility customers; and
(B) Water utilities; and
(2) Direct loans to utility customers, on terms approved by the department.