The latest round of grants from the Regional Growth Fund has seen success for two local employers.
James Cropper plc is the largest private employer in the South Lakes with 300 staff at their Burneside paper mill.
They have been awarded a £3.15 million grant from the RGF to develop a new biomass steam generating plant in the county that will keep their production in Cumbria.
Lakeland Arts Trust have also won a Regional Growth Fund grant.
They have been trying to raise £10 million to redevelop the Windermere Steamboat Museum into a world class visitor attraction.
The Trust say that it will benefit the local economy as part of the Windermere Waterfront Programme, creating employment, extending visitor stays and bringing £7.5 million of Heritage Lottery Funding and £1 million of private investment to the area.
The development of the Windermere Steamboat Museum is expected to attract over 100,000 visitors each year and help to further enhance the profile of the Lake District as one of the UK's leading visitor destinations.