The Euro funds are aimed at providing support and advice for new and growing businesses and to assist the local community.
'The Borders have gone through some difficult times recently, but it has enormous potential. That is why I am particularly pleased to announce this significant injection of European structural funds for projects in the Borders to help realise that potential.
'I am delighted to announce funding of£200,000 for the New Ways Business Loans Scheme which will assist small and medium-sized enterprises in the Borders and allow them to maintain and increase their competitiveness.
'I am also pleased that the Border Union Agricultural Society is to receive£274,695 to upgrade the facilities at Springwood Park, Kelso. This will allow a greater number and variety of events to take place which will, in turn, benefit local businesses and tourism.
At Selkirk Riverside, the minister unveiled£100,000 to a project submitted by Scottish Enterprise Borders to support the regeneration of the industrial area.
Mr Peacock said:
'I very much welcome this award to support the continuing regeneration of the area. This excellent initiative will complement the re-development of nearby Ettrick Mill as a Business Creation Centre which received almost£1m in Euro funding earlier this year.'
The South of Scotland Objective 2 Programme 2000-2006 was approved in principle by the European Commission in November 2000. It is worth Eu70m over the period (approximately£45m). The figure includes transitional funds for the Tweeddale area of the Borders which was the only part of the South of Scotland area that lost full status from the previous Objective 5b Programme.