Ailsa Horizons has been awarded £2,405 by South Ayrshire Council to help with its plans to turn the Davidson Hospital into an enterprise centre.
However, the money will only be given on the condition that Horizons also receive money from the Scottish Land Fund and the Robertson Trust.
Councillors were recommended to refuse the grant award on the basis of it being too high risk but Councillors Alec Oattes, William J Grant and Andy Campbell decided to overturn that recommendation.
Chair Ann Galbraith declaredan interest in the vote as she is a director of Ailsa Horizons with Councillor Bill Grant stepping in as chair and voting for the recommendation.
Ailsa Horizons also has an agreement with Carrick Futures for £158,000 should other funding avenues prove unsuccessful.
The funding would be used to cover insurance and running costs for the next few months.