The department of natural resources and conservation and the department shall evaluate projects and loan applications. In evaluating projects and loan applications, the following factors must be considered:
(1) the technical design of the project to ensure compliance with all applicable statutes, rules, and design standards;
(2) the financial capacity of the municipality or private person to repay the loan;
(3) the financial, managerial, and technical ability of the municipality or private person to properly operate and maintain the project;
(4) the feasibility of project completion given the total financing available;
(5) the ability of the municipality or private person to pay the costs of the project without the requested financial assistance;
(6) the total amount of loan funds available for financial assistance in the revolving fund;
(7) the total amount requested in other applications that have been received or that are likely to be received;
(8) the ranking of the project on the priority list or intended use plan; and
(9) any other criteria that the department determines appropriate, considering the purposes of the federal act and the program.