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.