The £3.6 billion Towns Fund aims to support places with proud industrial and economic heritage that have not always benefitted from economic growth in the same way as more prosperous areas and both resorts have been identified to benefit through the scheme.
According to Lincolnshire County Council, Boston and Lincoln are also set to get a share of funding.
Each town could potentially see an investment of up to £25m, ensuring each area can look to the future with a new optimism.
The District Council will now work with the Ministry of Housing, Communities & Local Government to identify how the money can be invested to boost the regeneration and growth of both towns.
Councillor Craig Leyland, Leader of East Lindsey District Council, said: “I’m delighted to see Government announce this substantial amount of funding for our District.
“The Government’s announcement indicates that we could receive up to £25m for each town and this level investment will allow us to explore some exciting projects; providing a real long term boost to the economy of the area and hopefully helping us to address the seasonal nature of both towns.”
Portfolio Holder for Coastal Economy, Councillor Steve Kirk, added: “The announcement of this funding is fantastic.
“We already have some fantastic projects underway in Skegness as identified in our Foreshore Masterplan and hopefully this funding means we’ll be able to deliver on even more of these.
“Earlier in the year we also submitted a bid for Mablethorpe as part the Future High Streets fund which identified a number of important interventions and improvements we could make in the town, and these are something we’ll definitely be looking at supporting with this new funding.”
Communities, businesses and local leaders will now join forces to draw up ambitious plans to transform their town’s economic growth prospects with a focus on improved transport, broadband connectivity, skills and culture.
Councillor Colin Davie, Executive Member for Economy and Place and Greater Lincolnshire LEP board member, said: “I’m delighted to see the Government looking beyond London and recognising that our rural areas can make an important contribution to our national economy if given the right support.
“We know Lincolnshire has enormous potential, and this funding will give us the opportunity to prove what we can do.
“We’ll be working closely with local communities and business leaders to develop our bids, which will be designed to lead Lincolnshire to a more prosperous future.
“As the lead authority of the Coastal Communities Alliance, we’ve also been pushing the Government to invest in our seaside towns, and I’m delighted that Skegness and Mablethorpe are in line to benefit from this new funding.
“Our coastal areas have enormous potential, and we’re determined to help them prosper, creating new jobs and boosting the local economy. This is an important step towards making that happen.”
“There is still a lot to do before the funding is secured, but we will be working tirelessly to ensure that the county gets its fair share.”