(1) The Kentucky Economic Development Finance Authority is hereby authorized to develop and fund a small business loan program to assist new or existing small businesses operating in the Commonwealth. The authority may lend up to one hundred thousand dollars ($100,000) to any eligible small business for acquisition, construction, expansion, working capital, or any other business expense the authority deems reasonable to approve.
(2) The authority shall determine the terms, conditions, and requirements for loans issued under this section, including collateral requirements when deemed reasonable and appropriate. Recognizing that small businesses, while essential for the economic vitality of the Commonwealth, may have difficulty obtaining conventional loans, the authority may provide terms that are more lenient, high-risk, less secure, or otherwise less stringent than industry standards.
(3) To be eligible for a loan under this section, a small business shall be engaged in manufacturing, agribusiness, or service or technology, shall not be engaged primarily in retail, and shall commit to creating and maintaining at least one (1) new full-time job above the number existing on the date of application.