Creates the early learning facilities revolving account and the early learning facilities development account.

Requires the department of early learning, in consultation with stakeholders, to review existing licensing standards, including plumbing, fixtures, and playground equipment, related to facility requirements to eliminate potential barriers to licensing.

Requires the department of commerce to: (1) In consultation with the department of early learning, oversee the accounts mentioned above;

(2) Act as the lead state agency for the early learning facilities grant and loan program;

(3) Expend money from the accounts to provide state matching funds for grants and/or loans to provide classrooms necessary for children to participate in the early childhood education and assistance program and working connections child care;

(4) Monitor performance of the grant and loan program;

(5) Convene a committee of early learning facilities experts to advise the department regarding the prioritization methodology of applications for certain projects; and

(6) In coordination with the office of the superintendent of public instruction, submit a ranked and prioritized list of proposed purchases and major construction or renovation of early learning facilities projects for school districts to the office of financial management and the relevant legislative committees.

Provides a list of activities and organizations eligible to receive funding from the grant and loan program.