The commissioner shall propose rules for legislative approval in accordance with §29A-3-1 et seq. of this code. Those rules shall, at a minimum:
(1) Identify the types of individuals and entities that are eligible for grants or loans from the program;
(2) Provide for the selection of members of any committee established by the commissioner to assist in administration of the program;
(3) Establish criteria for making grants or loans: Provided, That the commissioner shall consult with the Department of Commerce before proposing such criteria;
(4) Establish procedures and requirements for grant or loan applications; and
(5) Establish the administration, record-keeping, and reporting requirements for entities that receive grants or loans from the program.