The fund aims to drive economic growth and help town centres become more diverse and sustainable.
Council leader, Councillor Aileen Morton, said: “This is great news for our local communities. We are committed to ensuring that our town centres are attractive, vibrant places for people to live, visit, invest and work. This will help us to achieve this aspiration, and will enable us to continue to build on the significant regeneration improvements that we have already carried out across Argyll and Bute with our partners.
“Once we receive the funding criteria from the Scottish Government we will be in a better position to determine how and where this money will be invested.”