Plans to help promote business growth could see Lincolnshire create 6,000 jobs and £4 million in additional business rates by 2015.
The business plans have been proposed by the Greater Lincolnshire Local Enterprise Partnership, following the arrival of two new members.
Formed at the end of 2010, the Greater Lincolnshire LEP is a partnership of private and public sector organisations working together to promote economic growth.
The partnership has recently submitted a bid to the Government for the creation of a South Humber Bank Gateway Enterprise Zone.
Other proposals will see developments at Cadwell Park racing track, near Louth, a National Centre for Agronomy, and an International Food Centre in Spalding, according to The Lincolnshire Echo.
The Government has received 29 bids for enterprise zones from around the country of which up to 10 will be approved.
Chairman of the Greater Lincolnshire Enterprise Partnership Ursula Lidbetter, said: “It’s great news that we’ve achieved a successful bid for government funding at this early stage, and this £165,000 will help us start to put our ideas into action.
“We’ll be using the money to fund consultations with businesses, research our key industries and develop our policies for boosting the local economy.
“This will put us in a strong position to support our local businesses and work on the issues that matter to them,” Lidbetter added.
The announcement follows the recent news that North and North East Lincolnshire councils have joined the partnership.
An LEP spokesperson said: “Our goal is to create prosperity through growth.
“The enterprise zone will benefit from simplified planning rules, super-fast broadband and business tax breaks, helping attract new companies to the county.
“There’s going to be tough competition from other LEPs, but we’re confident our plans will meet the Government’s aims of delivering growth and jobs, while also providing excellent value for money.”