Social Justice Secretary Alex Neil has announced a £3.1 million funding package to create more than 130 new jobs in Bellshill.
The funding will be used for the development of new commercial units on a brownfield site at Strathclyde Business Park, creating space for 15 companies.
The site initially received support through the Scottish Government’s Vacant and Derelict Land Fund, which provided a grant for assessing the ground conditions and ensuring works could be taken forward.
The project will receive £1.9 million from the SPRUCE (Scottish Partnership for Regeneration in Urban Centres) Fund, as well as £1.2 million from sponsors Fusion Assets and Central Building Contractors (CBC) Glasgow Ltd.
Mr Neil said: “Significant investments like this £3.1 million boost for Bellshill are central to stimulating economic growth across Scotland.
“Not only do they provide opportunities for new business and encourage entrepreneurs, they create new jobs.
“This investment will transform a disused brownfield site into modern business units, which we believe will become a thriving home for local companies.
“I am particularly pleased to see that our initial investment by way of the Vacant and Derelict Land Fund has paved the way for this exciting new development.
“Regeneration projects like these are absolutely fundamental when it comes to transforming our communities for the better.”
This is the sixth investment by SPRUCE, taking the total invested to over £43m, and is expected to lever £158m from the private sector.
Fusion Assets managing director Murray Collins said: “The announcement of SPRUCE funding for a Fusion Assets project is a great achievement and something we are grateful for.
“This reflects our entrepreneurial approach to regeneration which brings together public and private investment to create new employment opportunities.”
CBC managing director James McAlpine added: “We are delighted to be working in partnership with North Lanarkshire Council through Fusion Assets and the SPRUCE fund.
“It demonstrates how innovative forward thinking organisations in both the public and private sectors can deliver deals which buck the trend.”