(1) Pursuant to chapter 43.160 RCW, the community economic revitalization board may, in its discretion, provide low-interest loans (and in unique circumstances, grants) to help finance the local public economic development infrastructure necessary to develop or retain stable business and industrial activity.

(2) The purpose of this chapter is to prescribe the form and manner in which local governments and federally recognized Indian tribes may make application to the board for funding assistance.