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:"
Loughborough and Leamington Old Town are to receive backing from the Government to rejuvenate their High Streets
Wolverhampton is one of only 12 towns in the UK to have been selected for the Portas Pilot.
Hundreds of towns across the country have applied to become part of the Mary Portas’ Pilot Scheme to rejuvenate their High Streets.