Use of grants

A grant made by the department to a microloan delivery organization may be used to: (1) satisfy matching fund requirements for other federal or private grants; (2) establish a revolving loan fund from which the microloan delivery organization may make loans to microenterprises; (3) establish a guaranty fund from which the microloan delivery organization may guarantee loans made by financial institutions to microenterprises; and (4) provide funding for the operating costs of a microloan delivery organization.