Sec. 7. (a) The READI 2.0 fund is established within the state treasury to do the following:
(1) Support the corporation's READI 2.0 program.
(2) Provide grants or loans to support proposals for economic development and regional economic acceleration and development.
(b) Grants or loans awarded from the fund may only be used by an eligible regional economic acceleration and development organization for capital projects or infrastructure improvements.