Charnwood Borough Council has been awarded £162,000 to kick-start a bid for up to £25 million of investment in Loughborough.
The town is one of 100 places around the country which the government has invited to bid for a multi-million-pound Town Deal. The deals aim to regenerate town centres, boost businesses and improve infrastructure.
The towns are sharing £16.4million to develop their plans and bring their communities together.
“I welcome this initial funding and it will help us build a strong case as we aim to secure every single penny of the £25 million available,” said Cllr Jonathan Morgan, leader of Charnwood Borough Council.
“The government is clear that communities need to be involved in Town Deals and I can assure people that the Council will be engaging with residents, partners, businesses and other organisations.
“It is important we come together to create a shared vision and capitalise on this fantastic opportunity.”
Each place will have the opportunity to bid for funding of up to £25 million as part of the government’s £3.6 billion Towns Fund.
The funding could be used to redevelop vacant buildings and land, drive private sector investment by supporting small businesses and ensure young people have the skills they need to get good jobs.
Communities will also be able to consider how they can boost their transport links and increase access to high-speed broadband.