Any repayment of loans and interest thereon must be receipted into the small business credit initiative fund and expended by the Board of Economic Development for the following purposes: (1) The payment of administrative costs as permitted pursuant to 2 C.F.R Part 200 Subpart E, as applicable, as in effect on January 1, 2022; (2) The payment of taxes and liens and for the procuring of legal services and any other services necessary to protect, recover, maintain, or liquidate the assets of the small business credit initiative fund as permitted pursuant to 2 C.F.R Part 200 Subpart E, as applicable, as in effect on January 1, 2022; and (3) Making loans for economic development as permitted by 12 U.S.C. Chapter 54 (2021).
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