THE Welsh Government will loan Tredegar £714,286 to build "much needed social housing".

The funding is available to support the redevelopment and refurbishment of underused or vacant properties on Market Street, Upper Salisbury Street, Morgan Street, Castle Street and Commercial Street. The project is intended to create and safeguard new businesses and associated jobs.

Communities minister, Lesley Griffiths set out how £5 million will be used to boost town centres across Wales on Wednesday, with a share of the capital funding loaned to Blaenau Gwent Council for up to 15 years. During this time, the council can recycle and re-invest the funding in different projects which will improve Tredegar town centre and bring empty buildings back into use.

Announcing the funding, Lesley Griffiths said: "Town centres play a vital role in community life and this loan funding will help bring about improvements in the areas which need it the most.

"This £5 million will be used by the seven local authorities, including Blaenau Gwent, over the next fifteen years to improve town centres across Wales. By making improvements to Tredegar town, we hope to increase visitor numbers and give local businesses and communities a boost.

“Town centres play a vital role in community life and this loan funding will help bring about improvements in the areas which need it the most.

“I look forward to seeing how this £5 million will improve town centres across Wales over the next fifteen years. By making our town centres more attractive and accessible, we hope to increase visitor numbers and give local businesses and communities a boost.”

The Town Centre Loan scheme is one of a range of measures the Welsh Government is taking to support Welsh high streets. Earlier this year, the minister launched the High Street Heroes awards to showcase the vast range of shops and services available on the Welsh high street.

Voting for the High Street Heroes awards is online via the Support Your High Street Facebook page and entries close on 10 August 2015.

The winners will be announced during High Street Week, which is taking place 19-26 September 2015.