The 10-unit park is a joint venture between the South East England Development Agency (Seeda) and Thanet District Council (TDC).
Some 3,250sq-m (35,000sq-ft) of space will be created when the units, at Haine Road, Ramsgate, are opened.
Ramsgate is one of a several coastal towns set for regeneration under Seeda's Coastal Strategy, which will be published in 2008.
The site is close to Kent International Airport and is due to receive another £1.2m in European funding.
'Jobs priority'
Seeda's Lee Amor said: "The Thanet area, despite recent years of deprivation, has huge potential for regeneration and part of that needs to be the creation of jobs."
Councillor Roger Latchford, cabinet member for culture and economy, said: "We want to create more employment opportunities for local people, as we know that's a priority for them.
"This scheme will help to provide businesses with the type of accommodation they have told us that they need to expand, so that we can provide those additional jobs."
It comes after recent job losses around Thanet and Ramsgate, including 400 posts at the manufacturing plant of drug company Pfizer.
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