It is declared that there is a statewide need for the preservation and development of a skilled workforce for the betterment of the economy of the state, its inhabitants, and in particular for the development and preservation of a regenerative manufacturing workforce. It is the purpose of this chapter to provide for the development, attraction, and retention of skilled, qualified, and productive workers within the state who will be capable of supporting the preservation, establishment, and redevelopment of business and industry, preserving or increasing the social welfare or economic prosperity of the state or its political subdivisions, and promoting the general welfare of the state’s citizens. It is further declared that the business finance authority (hereinafter the “authority”), acting pursuant to the powers granted in this chapter shall be regarded as performing an essential governmental function in carrying out the provisions of this chapter.