1. After deducting the costs directly related to administering a revolving loan account created pursuant to NRS 279.710, an agency may use the money in the account, including repayments of principal and interest on loans made from the account, and interest and income earned on money in the account, only to make loans at or below market rate to small businesses located within the redevelopment area or persons wishing to locate or relocate a new small business in the redevelopment area for the costs incurred:
(a) In expanding or improving an existing small business, including, without limitation, costs incurred for remodeling; or
(b) In locating or relocating a small business in the redevelopment area.
2. The term of any loan that may be made from the revolving loan account must be 5 years or less.