The Greater Lincolnshire LEP has gained over £110 million in government funding to help stimulate economic growth and jobs in the county.
The funding comes after Business Secretary Vince Cable announced the share of the European Regional Development Fund (ERDF) and the European Social Fund (ESF) the region would receive for the 2014–2020 period.
The LEP will use the money for training schemes, local business support and economic development projects, such as more business premises and infrastructure.
Lincolnshire County Council and the Greater Lincolnshire LEP are currently planning how best to use the money.
Local projects will be able to bid for a sum of the funding pot from spring 2014.
Ruth Carver, Manager for the Greater Lincolnshire LEP, added: “This funding will go a long way towards securing the economic future of our area.
“An allocation on this scale will allow us to strengthen our economy, support businesses to grow and create jobs, making Greater Lincolnshire known as a place to do business in the UK.”
Councillor Colin Davie, Executive Member for Economic Development at Lincolnshire County Council, said: “An investment of this size is going to have a significant impact on the county economy, and is a substantial increase from the £28m we were awarded last time.
“This money is going to mean that a lot of worthwhile projects will be able to go ahead, creating new jobs and boosting local industry.”