Stowmarket is set to receive a sum of £1.5million to "stimulate investment" in the town centre, the district council has announced.
Mid Suffolk District Council has said it is to create the fund to bring life back to the high street.
The council aims to work with landlords to bring empty shops and other "under-utilised" properties back into use.
Richard Winch, cabinet member for housing and property at Mid Suffolk, said: “We are proud of Stowmarket and want to do all we can to help the town centre thrive.
"It is the beating heart of our community and important for the entire district – not just the town itself.
“This fund presents a fantastic opportunity to do something new and stimulate investment.”
The local authority said it is encouraging arts and cultural experiences, tourism, community activities, retail, small business workspaces, leisure and food and drink businesses to use the spaces to try and "bring something new to the town".
Teresa Davis, cabinet member for thriving communities, said, “Stowmarket is growing well and, with time, the right ingredients can further enhance it as a place to live, work and visit.
"This £1.5million fund is just one of those ingredients, and I look forward to seeing the impact it can have."
Any profits made from the new initiative would be put back into the scheme.
More than 1,600 jobs have already been created and the new £18m Skills and Innovation centre development is in the pipeline.
The funding for the new scheme is coming from the income the council receives from the Gateway 14 business park investment on the outskirts of Stowmarket.
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