The funding, under the Government' s Levelling Up white paper, will also help retain the best teachers.
Lincolnshire is one of 55 new Education Investment Areas in the country to receive the support.
The new specialist sixth form free schools will ensure talented children and young people from disadvantaged backgrounds have access to the learning they need to progress into training or higher education.
They will also be eligible for retention payments to help schools maintain the best teachers in high priority subjects, and they will be able to access a new pilot programme improve pupil attendance.
The Conservative Government introduced a new national mission to ensure that 90 per cent of children leaving primary school in England are reaching the expected standard in reading, writing, and maths by 2030.
Ninety-five per cent of the areas selected as an Education Investment Area are outside London and the South East – with schools in the North, Midlands, East of England, and the South West set to receive the most support, levelling up education across England.
Commenting, MP for Boston and Skegness Matt Warman said: “No child or young person should be limited by where they grow up – they should be supported to get a world class education and the skills they need to succeed at school and beyond.
“I welcome the extra support Lincolnshire is receiving from this Conservative Government, including funding to help schools retain the best teachers and priority for new specialist sixth form free schools to give talented children from disadvantaged backgrounds the highest standard of education.
“The Government is targeting investment and support as we build back fairer – helping to level up education standards, ensuring children and young people across the country to fulfil their potential.”
Education Secretary Nadhim Zahawi said: “The most valuable resource on the planet is the human resource. Investing in people to get on in life and receive the best possible education is core to the mission of this Government, and we are determined to help people gain the knowledge and skills needed to unleash their potential.
“This White Paper sets out our blueprint for putting skills, schools and families at the heart of levelling up. It focuses on putting great schools in every part of the country, training that sets you up for success in a high-skilled, well-paid career and ensuring no one misses out on opportunities simply because of where they live or their family background.
“Raising our expectations and aspirations for children, as well as creating a high-skilled
workforce, will end the brain drain that sees too many people leaving communities in order to succeed.
"These plans will help create a level playing field and boost the economy, both
locally and nationally.”