The former Kepak abattoir in Burnfoot, Hawick, is to be demolished to allow the site to be redeveloped.
Work has already started and is expected to be completed within the next few weeks.
The empty site will then be released for development by local businesses or to attract new businesses to Hawick.
The site is owned by the Kepak Group and Scottish Enterprise is to contribute £34,000 to the costs of clearing the site.
Once cleared the company will market the site with the help of the Scottish Borders Council and Scottish Enterprise.
Nigel Watson, director of business infrastructure at Scottish Enterprise, said in a statement: "There is a shortage of suitable land for industrial development within the Hawick area, so it made good sense for Scottish Enterprise to support the demolition and clean up of this site.
"The site will be capable of attracting local business expansion or investment from firms wanting to come to the area which will help to create economic growth and diversification.
Robbie Grogan from Kepak Group added: "It's disappointing to see the old abattoir being demolished, however the clean up represents a great opportunity to attract investment and develop employment from this dormant site.
"The site which will provide 1.7 hectares and will be a much more attractive business proposition for any developer and we hope it won't be too long before it is snapped up for the use of local businesses and to attract new investors."
Councillor Vicky Davidson said: "We expect the site to go on the open market very quickly after the demolition works are completed and we will be working very hard to find a new business for the site.
"The council is also selling a small area of land adjacent to this site to expand the ScottishPower sub-station and this will have the added benefit of removing the existing overhead supply running across the Kepak site."
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