The Old Town of Leamington is one of 27 other towns across the UK to have been awarded a Portas Pilot. It means it will get a share of £1.5 million to spend on reviving it's Town Centre and High Street.
Les Cope-Newman, Vice Chairman of the Business Improvement District, describes what the government backing means for Loughborough.
It has been selected as one of 27 towns in the UK, along with Leamington Old Town, to be backed by the government to revive its High Street.
Its all part of a report published by Mary Portas that has highlighted the need to rejuvenate High Streets that have struggled in the economic climate.
The scheme allows Town Teams to attend workshops and semiars that address the key challeneges that face struggling town centres.
The shadow planning minister has welcomed the Portas Pilots but says there are "very serious questions" about the hundreds of town centres which have missed out on the scheme.
– Roberta Blackman-Woods MP
"There are now a record 23,406 empty shops in town centres alone but ministers are still failing to grasp the seriousness of the situation.
"This Government's failed economic policy and double-dip recession made in Downing Street is clearly damaging high streets across the country and short-term schemes like this will not be enough to save them."
Loughborough and Royal Leamington Spa will be given a share of £1.5 million to help improve the town centres.
The money follows a review by businesswoman and retail expert Mary Portas. It is the second wave of "Portas pilots", created to revamp high streets.
The two Midlands' towns are among 15 across the country selected as part of the second wave. Those towns which have not been selected wlll be able to bid for a share of a £5.5 million pot for individual projects.
Local government minister Grant Shapps has congratulated the towns that have successfully gained a share of the money "in the face of stiff competition:"