Monash Council last year gave traders the green light to hold two festivals in Glen Waverley, which had previously not hosted a festival for about 10 years.

The Chinese Lantern festival in February was hailed as an overwhelming success with about 30,000 people attending.

A food and wine festival planned for October will not receive council funding until mid-July. Glen Waverley Traders Association president Christo Christophidis said funds were needed soon to hire an event consultant and plan the festival that he hoped would "put Glen Waverley on the map".

"We traders have our own businesses to worry about in this economic downturn. With only six of us really involved heavily in driving and planning the festival, we have limited resources."

He said plans for the festival included progressive lunches and dinners, book signings by celebrity chefs, wine and cheese tasting and a competition to select Glen Waverley's best restaurant.

Glen Waverley Ward councillor Geoff Lake said the council would consider bringing forward the funding if an application was made.