The State Board of Education, acting through the Department of Education, shall establish a program whereby schools and school districts may be awarded funds to develop various types of incentives for those teachers who are trained and serve as mentors to new teachers as a part of the induction program established in § 59-26-20. Among the incentives that may qualify are additional pay, release time, and additional assistance in the classroom. To qualify for these funds, the school or school district must meet the criteria established by the state board.