(a) Moneys deposited into the Small Business Revolving Loan Fund within the Division of Environmental Quality may be:
(1) Loaned to eligible participants to pay the direct costs of projects which are designed to correct or avoid violations of federal environmental regulations or state environmental rules and have received a certificate of need from the division; or
(2) Expended to pay costs incurred by the division to provide management of lending activities.
(b)
(1) It is the purpose of this subchapter to authorize the division to establish and administer a revolving loan fund to encourage the investment in pollution control, pollution prevention, and waste reduction practices in Arkansas.
(2) Such a fund will promote sustainable economic development in Arkansas by establishing a publicly capitalized revolving loan fund to make loans to small businesses for projects to meet regulatory mandates in pollution control or to adopt pollution prevention technologies.
(3) Operating expenses associated with proofing a process change or equipment modification would be an eligible loan activity.