Rossendale Councillors have agreed to set aside a fighting fund to secure more than £2.65million of lottery cash for Haslingden.
Approval has been given for £160,000 to be ring-fenced so town hall chiefs in Rossendale, working with the revived Haslingden Taskforce, can bid for Townscape Heritage Initiative (THI) support.
The town missed out on a cash injection from the Heritage Lottery Fund last year but was given positive feedback by organisers.
Cllr Alyson Barnes, council leader and prospective parliamentary candidate, said: “We all have heard the stories of how difficult and tough it is for the high street at the moment.
“But as we can see from what is happening in Rawtenstall, with a bit of imagination, vision and partnership working, town centres can buck that national trend.
“What we need is more funding so we are always interested in any pot of money we can bid for.”
Another bid is being made on behalf of Bacup for Future High Street Funding from the government.
Plans are being drawn up with Bacup Business Association for a slice of the £675million funding pot.
Bacup has benefitted from £2milllion in THI regeneration funding.