Hampshire County Council announced on Wednesday that they have released £310,000 for the Town Partnership.
The massive cash boost from the county council has also triggered a release of promised "matched funds" from East Hampshire District Council and SEEDA.
East Hampshire District Council has backed the project and donated £40,000, while SEEDA has pledged £240,000 for the project.
The cash will go towards helping existing small, local businesses, it will help new businesses which are coming to the area, it will boost the integration of the community centre with the Forest Centre and it will also secure the future of the GU35 website.
All these schemes will help to give Bordon and Whitehill a brighter future and a stronger sense of identity.
Most of the money, around £490,000, will be spend on the integration of the Forest Community Centre with the Forest Shopping Centre.
This follows community planning workshops, which took place in June last year and a detailed study that enabled cost proposals to be put to SEEDA by the partnership in November .
The aim is to significantly improve the appearance of area and focus on things such as safety within the centre.
The proposals include that a section of Pinehill Road become pedestrianised.
Tony Corbin, Hampshire County Council's town project officer, has played a vital role in supporting and guiding the town partnership in the delivery of the town action plan.
He said: "This year, there will be extensive consultation with everyone to ensure that the final improvement scheme meets the needs of as many local businesses and residents as possible.
"The aim is to secure the future of the Forest Centre and significantly improve the trading in The Forest Centre, and, hopefully, to introduce one or two new shops to the centre."
The cash will also be used to increase the level of locally delivered support, business advice and training for all the local micro-businesses that make up the business community in Bordon and Whitehill.
There are 600 businesses registered in the GU35 area which could benefit.
Lastly, the money will be spent on a community information bureau, which is the website for the local area http://www.gu35.info">www.gu35.info
Mr Corbin said: "At the moment, the website has been primarily used as a community facility, but the money will be spent to guarantee the website's future and facilitate things like e-learning."
The money will also help pay for a town initiative manager to co-ordinate the initiatives and who, it is hoped, will be in place by Easter.
Speaking just after he heard the money had been granted, Mr Corbin said: "I am ecstatic.
"It was always my goal before my contract concluded, to have reached this particular stage.
"It is really good news, and I do not think there is a town in Hampshire, never mind the South East of England, that deserves to see this money more.
"It's fantastic. I am really pleased, and it's going to be the key for local businesses and local people."
He also said he wanted to encourage local businesses and local people to get behind these schemes and show their support for the area.
"My personal thank you goes to everyone who has supported the bid and the action plan as a whole.
"Councillor Adam Carew, as chairman of the business breakthrough forum, has been really supportive the whole way through."
Mr Corbin said the chairman of the town partnership, Bill Wain, would be extremely pleased to hear of the news and had insisted he received a text message to let him know the outcome of Wednesday's meeting despite being on holiday in Egypt.
Adam Carew said: "This is major good news.
"It shows a real commitment to Whitehill and Bordon and if anyone deserves getting this regeneration money, it's us.
"This is fantastic news for Whitehill and Bordon and our thanks must go to Tony Corbin from HCC and Mike Gibbs from East Hampshire District Council and to all the people involved in the town partnership and business breakthrough bid.
"It is a major success and all the people involved will be delighted. Hampshire County Council have been very supportive."
Mr Carew said executive members and councillors Jonathan Glenn and Tim Knight had also been very supportive.
Derek Seale, the chairman of the Forest Centre Association, said: "It is absolutely fantastic.
"It gives an opportunity to really enhance the area and it's absolutely brilliant that the money is going to be spent in Bordon and the area. This means that Bordon won't be missing out.
"Local people need to see the plans, but provided they're approved, the joiing of the Forrest Centre and the community centre will makes that area much more attractive."
He said there were also plans to get an amphitheatre built for theatrical and musical performances and a youth shelter which could be used as a stage.
He continued: "It will make the community centre a lot more attractive as well and it will enhance the shopping centre.
"On the whole it's really good news."
He also said that it is planned for the area outside the library to possibly be turned into a town square.