Towns up and down the country are now vying for £10,000 from the Government as part of its new Town Team Partners programme - and Accrington and Oswaldtwistle are considering to bid for it too.
All of the 392 unsuccessful applicants of the Portas Pilot funding have been written to about the project by Local Government Minister Grant Shapps.
Earlier this year 27 towns were awarded a share of £1.5m as part of the the Portas Pilot project. Winners were also given expert advice from Mary Portas TV's 'Queen of Shops'.
Proposals for Accrington, which highlighted the town's green credentials, and Oswaldtwistle, were both turned down earlier this summer.
Hyndburn's MP Graham Jones said he was due to meet with regeneration chiefs about the scheme at a later date.
He said: "If it is something they want to push forward with it I would gladly support it."
Through the new partners project, regeneration teams will have the support from the Association Town Centre Management, which has more than 20 years of experience in helping town centres become prosperous locations for business and investment and focal points for vibrant, inclusive communities.
Hyndburn council's deputy leader Councillor Clare Pritchard also said the regeneration team was gathering more information about the partner programme.
She said: "It is good news they have proposed this scheme but we need a few more details and will be asking about the next step to move this forward."