The board or an entity with which the board has contracted to provide financial services pursuant to section 374, subsection 2 may award loans to qualifying borrowers for the following purposes:
1. Individual independence. To assist one or more persons with disabilities to improve their independence through the purchase of adaptive equipment;
2. Productive members of community. To assist one or more persons with disabilities to become more independent members of the community and improve quality of life within the community through the purchase of adaptive equipment; and
3. Transportation assistance. For the purpose set forth in section 377.