Abergavenny may be set to receive a windfall loan to help regenerate the town, as Monmouthshire County Council approved the decision to accept a Welsh Government repayable funding award of £1,250,000 to improve redundant and under-used sites and premises in the town centre.

Monmouthshire previously applied for the loan under the Welsh Government's 'Vibrant and Viable Places' initiative, and earlier this month, the authority's cabinet agreed to accept the award and associated terms.

This fund will enable the council to provide 'interest free' loans for a period of five years for town centre redevelopment projects.

The proposal received widespread support from members of the council, who spoke out about the good it can do to the town of Abergavenny.

Councillor Roger Harris said, "This is wonderful news and as a council we have to grab this. I very much welcome this and Abergavenny needs redevelopment in a number of places."

Councillors Graham Downs, Simon Howarth and Giles Howard also supported the council in accepting the loan, but some questions were raised about the 'board' who would make the decisions on which loan applications would be accepted, the size of the administration fees and how the boundaries of the town centre are determined.

Councillors Simon Howarth and Graham Downs questioned who would be responsible for considering and approving applications and were informed that the Bryn y Cwm Area Committee Board would make recommendations to the Place Board, made up of members of the council, and the final decision would be approved by cabinet.

The question of the level of admin fees was raised by Councillor Roger Harris, who felt that 15 per cent, as mentioned in the report, was quite high and could deter potential applicants. However it was stated that 15 per cent was a maximum administration fee and the average would be much lower.

Finally, in relation to the term 'town centre', it was noted that this wording implied that only the main shopping area would be included, it was confirmed that applications from areas of the town not in the main shopping centre might also be considered.

The council agreed to approve the proposal. The funding must be drawn down by March 31 and the money repaid in full by March 2030.

Councillors felt these terms were acceptable and that the initiative would give Abergavenny a new lease of life, given the current number of unusable buildings and fire-damaged buildings in the town centre.