(1) There is hereby established the Tennessee works pilot program to provide job training designed to attract new businesses to the state and to assist in the expansion or retention of existing businesses in this state.
(2) The purpose of the Tennessee works pilot program is to: Enhance this state's economic growth and vitality by offering assistance to privately owned businesses and industries in training a new workforce and by creating new jobs and retaining and upgrading existing jobs;
(3) Provide technical education and training as a component of this state's economic development efforts;
(4) Be flexible and responsive to the training needs of business and industry in this state; and
(5) Offering on-the-job training programs to support existing employees and dislocated workers.