Sec. 4. (a) The corporation shall establish criteria to guide counties and municipalities in making loans to businesses.
(b) The terms of the loans must include provisions stating that:
(1) loans shall be restricted to enterprises that create new and permanent jobs;
(2) loans may not exceed the greater of:
(A) ten percent (10%) of the total investment; or
(B) two hundred fifty thousand dollars ($250,000); and
(3) the principal and interest on the loan must be repaid to the county or municipality.
(c) All loans by a county or municipality under this chapter are subject to approval by the corporation.