The Fund may be used by the Department only to pay for grants or loans to public or private entities for projects in Rural Communities that have strong local support, provide positive return on the state's investment, and stimulate one or more of the following:(1) local entrepreneurship;(2) job creation or retention;(3) new capital investment;(4) strategic economic development planning;(5) individual economic and community development leadership training;(6) housing development; or(7) innovative workforce education.