ULVERSTON and its surrounding villages are set for a multi-million pound spending bonanza expected to create more than 330 jobs and finally give the town its much-anticipated Laurel and Hardy sculpture.

The North West Development Agency announced this week that it had granted the Ulverston and Low Furness Market Town Initiative £1.2 million which, when added to matched funding, leaves the initiative with £3.5million to invest in local regeneration projects.

The programme, dubbed 'Creating a Legacy', will fund a host of schemes, including a business support package offering money and advice to more than 500 start-up businesses and existing firms looking to expand.

Grants of up to £20,000 are up for grabs with the value linked to the number and type of jobs created. There will also be money available for marketing and wage subsidies for firms hiring unemployed people.

Val Robinson of Furness Enterprise said the funding was expected to generate 334 jobs. The figure should go some way to replacing the 400 jobs shed by the town's key employer, pharmaceutical giant GlaxoSmithKline.

"Ulverston had always drawn the short straw when it came to regeneration funding, it could never compete with what we had for companies in Barrow," said Ms Robinson. "This is going to get them on a level peg.

"It's going to be wonderful for the retailers in Ulverston and it's going to be brilliant for businesses who want to expand and employ people because we will be able to help, which has never been possible before."

MTI project officer Jayne Kendall said she was particularly excited about the grants.

"It isn't just big companies that can apply. If someone wants to set up as a painter and decorator, they can have some of this money. They should just give Furness Enterprise a call."

On top of all the business support, the programme should finally realise a long-held dream to give Ulverston its £55,000 sculpture of the town's favourite son Stan Laurel and his comedy partner Oliver Hardy.

Mrs Kendall said work had already started to find the right spot for the focal point. It had been earmarked for the corner of Market Street and New Market Street, but there were concerns that people would put themselves in danger by stepping back into the road to photograph the comedy monument.

The NWDA money will also pay for an initiative by the Lake District Tourism Partnership to promote destinations in Low Furness and Ulverston's Hoad Monument and to develop a coastal route around Bardsea.

In addition, there will be funding for three £20,000 feasibility studies into projects for improving public spaces in Ulverston, with the reports being used to unlock further grant money. They include: - A study involving market traders into revamping the Market Hall.

- An investigation into enhancing County Square with seating, signs, lighting and a performance space outside the Coronation Hall.

- A study into creating a footpath with public art linking Ulverston Canal with the town centre.

There is further money in the pot for looking at ways to develop Ford Park and the Ulverston Heritage Centre.

NWDA head of rural affairs Steve Heaton said: "The scheme will make great steps in helping to facilitate long-term sustainable improvements for Ulverston, providing much-needed employment opportunities for the area."

Anyone interested in applying for business grants should contact Furness Enterprise on 01229-820611.