The Commissioner of Early Childhood shall establish and administer a program of loans to business firms, as defined in section 12-631, for the purpose of planning, site preparation, construction, renovation or acquisition of facilities, within the state, for use as licensed child care centers, family child care homes or group child care homes to be used primarily by the children of employees of such corporations and children of employees of the municipalities in which such facilities are located. Such loans shall be made in accordance with the terms and conditions as provided in regulations adopted by the commissioner, in accordance with chapter 54, shall be made for a period not to exceed five years and shall bear interest at a rate to be determined in accordance with subsection (t) of section 3-20.