Lincolnshire County Council is set to get nearly £1.5m and South Kesteven District Council will get £500,000, from the Government grant.
Chairman of the South Kesteven Branch of the Federation of Small Businesses, Doug Balderson, said: "The scheme rewards local authorities where the income from business rates has increased significantly during the year by giving one-off grants.
"The Federation of Small Businesses believes that the money should be spent on schemes which directly benefit businesses and helps further improve the business environment in the hope that similar grants can be generated in future years."
Alun Jones, the county council's head of financial strategy, said: "The council is receiving £1.424m for the last financial year, bringing the total received for 2007/08 to £1.9m. We had expected income of £2m, but there is probably more to come as the Government has not yet allocated all the funding available.
"The grant can be used by the council to spend as it chooses. In fact, we allocated additional funding of £3m last year for infrastructure and economic development schemes."
A district council spokesman said: "A proposal which is yet to be drafted, concerning the use of this money, will need to be considered by the cabinet and council. The proposal is likely to be that the money is earmarked for town centre initiatives."
This is the third year of the three year local authority business growth incentive scheme, which is an incentive to maximize local economic growth.