Hi,
This is a really good and timely initiative! Creating a support fund for artists in need can be of a huge help and support for creatives worldwide. I support this project and believe it will have a great impact on artists' lives and on the communities progress.

My answers to the questions will be;
Consider funding, grants, and sponsorships for funding, I think one of the best ways one can go about achieving this is to establish a selection committee to review applications, and offer various levels of support to ensure transparency, accountability, and fairness, and also help to comply with relevant laws based on the industry standards you’re looking to work with.
Also I believe partnering with one or two already established individuals in relative industries can help gather more insights on how to go about providing such funds and help to creatives,
Provision of resources, mentorship and tutoring programs can also enhance the project's impact.

Thank you @wakeupkitty for tagging me on this.