(1) A grant does not accrue interest, but is contingent on the funds being used for the specified purpose.
(2) The council may make a grant of up to $50,000 if an application meets all of the criteria set forth in 90-9-308 and 90-9-311 and one of the following applies:
(a) the proposal will benefit agricultural companies in addition to the applicant;
(b) the proposal will accomplish research that benefits agriculture as a whole; or
(c) the applicant is a nonprofit entity.
(3) The council may award a grant of up to $2,500 for educational, promotional, marketing, travel, or other business expenses related to agricultural development. These grants are not subject to the criteria set forth in 90-9-308 or 90-9-311.