The department and the department of natural resources and conservation shall evaluate projects and loan applications. In evaluating projects and 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 applicant;
(3) the financial, managerial, and technical ability of the applicant to properly operate and maintain the project;
(4) the total financing of the project to ensure completion;
(5) the viability of the public water system;
(6) the ability of the public water system to pay the costs of the project without the requested financial assistance;
(7) the total amount of loan funds available for financial assistance in the revolving fund;
(8) the total amount requested by other applications that have been received or that are likely to be received;
(9) the ranking of the project on the priority list in the intended use plan; and
(10) any other criteria that the department determines to be appropriate, considering the purposes of the program and the federal act.