Sec. 14. (a) The board shall consider the following when reviewing applications for a grant or loan from the fund:
(1) Recommendations from the board's strategic review committee described in section 13 of this chapter.
(2) Which projects have the greatest economic development potential.
(3) Which applications focus on rural areas of Indiana.
(4) The degree of regional collaboration.
(5) The application's alignment with the state's economic development priorities.
(6) Any other criteria as determined by the board.
(b) The board shall make final funding determinations for applications for a grant or loan from the fund.
(c) The board may not approve an application for a grant or loan from the fund unless the board finds that approving the application will have an overall positive return on investment for the state.