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The money is part of a £10m local economic development fund announced by the Scottish Government in its Cconomic Stimulus Package, which will support 16 projects across the country.
The enterprise hub will be a multi-use building developed and managed through partnership between the council and Coalfields Regeneration Trust. It will provide a range of business support services, including Business Gateway Fife services, and a focus for community enterprise development.
The second scheme will see eight industrial workshops built in the Upper Forth area, including utility connections, access and landscaping. These will provide premises suitable for small business and industrial occupiers in the region.
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Each project was identified as a priority through the Longannet Task Force Economic Recovery Action Plan.
Council Leader David Ross said: "I am delighted that the Scottish Government has now responded to the calls from Fife Council and local authority partners for additional resources to support economic growth in our local communities. It is particularly helpful that the Government has recognised some of the priority local economic development projects identified through the Longannet Task Force Economic Recovery Action Plan and made a specific allocation to support two projects in Kincardine."
Cllr Lesley Laird added: "The allocation of new resources for local economic development projects will create or support 40-70 new jobs within Kincardine and South West Fife. It will enable the creation of an enterprise and business hub and the construction of industrial workshops.
"This is a positive start in beginning to deliver on the actions set out in the Longannet Action Force Plan. However, there is more work still to be done, and additional funding will still need to be identified in order to satisfactorily deliver on the action plan and the commitments to the communities in South West Fife and beyond."
(LM/MH)
