If at any time after the passage of this article the governing body of any county shall determine that a state of acute unemployment exists within such county and shall so declare by ordinance or resolution, such county shall thereupon be deemed to be authorized and empowered to raise, contribute and deliver to the industrial development corporation operating within such county such sums of money as it may deem proper to be used and applied by said corporation, exclusively for the following purposes: To assist and, through the cooperative efforts of the institutions and corporations which shall from time to time offer assistance, to develop and advance the business prosperity and economic welfare of the county making the grant; to encourage and assist in the location of new business and industry in said county and to rehabilitate existing businesses and industries; to stimulate and assist in the expansion of all kinds of business activity which will tend to promote the business development and maintain the economic stability of said county; to provide maximum opportunities for employment; to cooperate and act in conjunction with other organizations, public or private, the objects of which are the promotion and advancement of industrial development in said county; to furnish money and credit to approved and deserving applicants, for the promotion, development or conduct of all kinds of business and industrial activity in said county when and to the extent that such money and credit is not otherwise readily available therefor.