The purposes of the Fund are to:
(1) expand employment opportunities in the State by providing financial assistance to businesses that are engaged in eligible industry sectors, including financial assistance for:
(i) aquaculture projects;
(ii) arts and entertainment enterprises;
(iii) arts and entertainment projects; and
(iv) creation and expansion of child care facilities;
(2) provide financial assistance for the redevelopment of qualified brownfields sites;
(3) provide financial assistance to local governments and the Corporation for economic development projects; and
(4) provide grants to local economic development funds.