A multi-million deal to regenerate Egremont and make the area attractive to businesses, residents and visitors is being proposed under the Borderlands place programme funding scheme.

Egremont Town Council chairman Neil Ferguson said: "It's really excellent. It's a great opportunity for the town. We have started the process to try and secure £3M. It is a 10-year plan for projects that can be done to improve the town, but we could draw on other organisations to also get involved such as the energy coast and coastal agencies to increase the funding."

Maximum investment from the place programme would be £3M but there may be the potential to secure as much as £9M, depending on the projects put forward.

Councillor Ferguson said: "It's a fantastic opportunity for much needed investment over time to benefit Egremont and the parishes. A lot has disappeared from the community. This would increase the town's footfall, bring in investment and improve youth and sports provision. There would be up to £3M for each town, but depending on the projects there could potentially be somewhere like £8M or £9M for funding."

Gillian Elliot, who is the area manager for Cumbria County Council Copeland area, said the town is one of six along with Ulverston, Dalton, Wigton, Penrith and Longtown to be put forward for the Borderlands place programme funding, where each would benefit from a share of £18M.

She said the aim of the place programme is to reinvent towns, improve the economy, make the area vibrant and attractive, and make the town a place people will want to visit and live in. Examples of improvements include enhancing public facing fronts, shops, businesses. Initiatives such as turning upper floors of businesses into housing and physical improvements to complement the area.

Councillor Ferguson said the next stage is to establish a towns team to take the project forward. There will be about 14 people on it including from Cumbria County Council, Copeland Council, Egremont town council and members of the community. They are looking for people from sporting facilities, businesses, schools and youth groups to get involved, be on the towns team and share their visions for the area for the next 10 years.

Gillian added: "We are going to pull together the town teams from the town council, borough council, county council and members of the community, from the business sector, sports, culture and young people. We want people who can go backwards and forwards and talk for the community and help us over the next few months to put our plans together. We have until August/September."

Anyone that would like to get involved should contact Councillor Neil Ferguson at Egremont Town Council.