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A last-minute deal for a £4.5 million loan will help revitalise Bargoed and Blackwood’s high streets, Caerphilly County Borough Council believes.

The money will help “repurpose a number of underutilised or empty properties in both town centres”.

Cllr Jamie Pritchard, the deputy leader, said the Welsh Government loan “will be important in addressing buildings that could be improved or redeveloped”.

“These buildings can blight our high streets, and the investment will lead to the further regeneration of these key town-centre locations,” he added.

The funding deal was struck ahead of the council’s publication of two placemaking plans for Bargoed and Blackwood, which will set out wider strategies aimed at ensuring their future prosperity.

But the loan of up to £4.5 million, from the Transforming Towns programme, was only secured at the eleventh hour.

A council report shows there was a “very short period of time” to apply for the money before the end of the financial year.

New chief executive Richard Edmunds approved the loan request using “emergency delegated powers”, the report adds.

The council will also contribute around £900,000 to the regeneration plans for Bargoed and Blackwood, using money it had previously set aside for “place shaping” in the two towns.

The council said its placemaking plans are “nearing completion” and will “help breathe new life into the towns”.

Councillors are scheduled to debate the matter at a meeting on Tuesday April 8.

Ahead of that meeting, Cllr Kevin Etheridge, an independent from Blackwood, said it was “really good news that money is being targeted to the town centre”, adding he had lobbied for “traders and our high street to be given priority”.

Cllr Etheridge said he would seek further clarity, however, on the details of the funding – including which properties could be targeted, and whether the £4.5 million will be split equally between Bargoed and Blackwood.