FIVE projects are in the running to receive a share of an investment fund worth more than £8million.
Gloucestershire Local Enterprise Partnership (LEP) has shortlisted a handful of proposals which could receive cash aimed at creating new jobs and driving economic growth in the county.
One of the earmarked bids for the money in the Gloucestershire Infrastructure Investment Fund (GIIF) is a plan to build a flood defence scheme as part of Gloucester City Football Club's plans to build a new stadium.
Another shortlisted bid asks for money to provide highways infrastructure to pave the way for a mixed-use housing and employment development east of Lydney as well as a new employment site for potential business investment.
The Lydney plan would result in 1,000 new homes and the creation of 1,600 jobs.
A bid to continue the revitalisation of Gloucester has also been received from the Gloucester Heritage Urban Regeneration Company.
It proposes a small scheme as part of the wider Greater Blackfriars regeneration plan to clean up land to enable a development site to come forward to stimulate new residential and commercial investment in the area.
Meanwhile, Gloucestershire Airport has bid for money to develop a number of hangars which would allow for business expansion on the site.
The final bid is to provide funding to support the construction of the new Cinderford Northern Quarter Relief Road.
It is hoped the creation of the road will lead to regeneration and development of the former coalmining area.
The five projects have all been approved by the LEP's board and they will now go on to the next stage of consultation with detailed business cases to be put together for each proposal.
It is thought the money could be allocated to the successful projects as soon as April 2013.
David Owen, chief executive of economic development company GFirst, which drives Gloucestershire LEP, said: "We have had a lot of interest in the GIIF since July when we asked our businesses to come forward with proposals and we are pleased that we have now selected a shortlist which can go through to the next stages.
"The GIIF is a real opportunity for Gloucestershire to unlock significant development and jobs, which may not have been able to proceed due to a shortage of cash investment. We hope that through this revolving fund we will be able to boost Gloucestershire's economic growth now and for many years to come."