Except as otherwise provided in this subtitle, the Department may set the terms and conditions for loans and grants made under this subtitle. The Department shall: determine whether to approve loan requests from qualified applicants for loans under this subtitle; set the terms and conditions for loans made under this subtitle; and determine that the applicant was unable to obtain the financing necessary for the activities on affordable terms through the normal lending channels. The maximum amount of a loan made with money from the Economic Development Administration of the United States Department of Commerce may not exceed the limit it sets by regulation. The proceeds of a loan may be used for working capital, equipment, furnishings, fixtures, or the construction, rehabilitation, or purchase of real property for the activities that the Department approves. The Department may authorize a flexible repayment schedule for a loan under this subtitle.