Plans are underway to introduce a scheme to improve Colne town centre and boost tourism.
Community leaders hope to set up a Business Improvement District (BID) to boost trade and attract people into the town.
It comes as Burnley Council has also revealed they are in early talks about setting up something similar.
If it goes ahead traders could be asked to pay a small amount of extra business rates to help fund the schemes.
Business leaders in Colne have largely welcomed the plans with 80 per cent of the 50 businesses asked giving it the thumbs up.