(b) The department, or UDC upon the approval of the commissioner, may provide financial assistance for a full feasibility study to an industrial firm qualified pursuant to Part 4202 of this Title which has a preliminary feasibility study or an equivalent assessment, acceptable to the department, which concludes:

1. (1) that the firm has potential for future profitability and a reasonable chance of becoming viable, and that the proposed local buy-out, or corporate restructuring or turnaround plan, appears to be feasible;
2. (2) that management and the labor force are willing to jointly participate in a full study and resolution of productivity and management problems and to fully cooperate with the department and its experts;
3. (3) that the interests of employees would be served by such a study; and
4. (4) that the firm or purchasing group is committed to the full study, including but not limited to the cost-sharing financial contribution required by Part 4207 of this Title.