The industry cluster grant fund (the “fund”) is hereby created within the Rhode Island commerce corporation. The commerce corporation is authorized, within available appropriations, to award grants to organizations on a competitive basis as more particularly set forth in this chapter. Applications and awards of grants shall be on a rolling basis, and the commerce corporation shall only issue grants up to the amount contained in the fund. There is established an account in the name of the fund under the control of the commerce corporation, and the commerce corporation shall pay into such account any eligible funds available to the commerce corporation from any source, including funds appropriated by the state and any grants made available by the United States Government or any agency of the United States Government.