Rossendale Borough Council has been awarded additional money for Rawtenstall from the Long-Term Plan for Town initiative.
The scheme was launched last year as part of the Government’s Levelling Up plans with 55 towns initially identified to receive money.
The Chancellor announced in the Budget that a further 20 towns have been selected to receive the money.
The council has been developing a Masterplan for Rawtenstall to encourage further investment into the town centre and to co-ordinate and enhance the public realm and functionality of the centre.
Chief Executive at Rossendale Council, Rob Huntington, said: "This is a further boost and chance to invest in Rawtenstall's future, which we hope will create a tangible impact on the lives of our residents and the business community.
“Rawtenstall boasts several inherent strengths, including a strong sense of community and pride in its rich history. The projects we have currently proposed in the Masterplan whilst not finalised aim to leverage these strengths and an enhance the town centre experience.
“The additional money announced today will go towards helping us in achieving these aims.”
Each town will receive ‘endowment-style' funding and support worth up £20million pounds over the next 10 years to invest in communities and regeneration.
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