Swindon is one of 100 towns set to benefit from a share of the £3.6 billion Towns Fund.
Up to £25m is being made available to fund regeneration schemes which it is hoped will boost the local economy.
The announcement has been welcomed by South Swindon MP Robert Buckland: “This is excellent news after campaigning to get our town on the list! Swindon is set to benefit from the new Towns Fund - up to £25m now available for local projects. I am looking forward to working with the Borough on the exciting projects this can support.”
Communities, businesses and local leaders will be asked to draw up plans for how the money can be used to transform their town’s economic growth prospects with a focus on improved transport, broadband connectivity, skills and culture.
Announcing the new funding, Local Government Secretary, Rt Hon Robert Jenrick MP, said: “Ensuring that prosperity and opportunities are available to everyone in this country, not just those in London or our biggest cities, is at the heart of the mission of this government.
“We want to level-up our great towns, raising living standards and ensuring they can thrive with transformative investment in transport, technology, skills and culture.
“I will now work with local people from the 100 communities announced today to agree proposals to invest up to £25 million in each place. I hope these deals will provide the investment and the impetus for long-term renewal ensuring each town can look to the future with a new optimism.
Today’s announcement follows the confirmation in July of an additional £1.325 billion for the Towns Fund, taking the total to £3.6 billion.
The Town Deals Fund builds on government plans to decentralise funding and decisions away from Whitehall and invest in the growth of local economies, providing more than £9 billion of funding to Local Enterprise Partnerships and introducing eight Metro Mayors in England.