(a) Grants may be made for regional and industrial planning studies for:

1. (1) preparation of strategic plans for local and or regional economic development;
2. (2) the analysis of business sectors;
3. (3) marketing and promoting regional business clusters; and
4. (4) feasibility studies.

(b) Grants for economic development initiatives may be made for the following purposes:

1. (1) the identification of new business opportunities;
2. (2) planning for new enterprise development; and
3. (3) the management of economic development projects provided that the corporation could not undertake such project.