The 18-year-old will link up with the Blue Square Bet North outfit until April 28, subject to clearance from the relevant governing bodies.
Solihull-born Townsend is a product of the club's Academy and has been with Blues since the age of 12. He is currently third-choice stopper behind Jack Butland and Colin Doyle.
The teenager has been a regular for the club's under-18 and under-21 sides and was on the substitutes' bench for the first-team's FA Cup with Budweiser replay against Leeds United in January, but has yet to make his senior bow.
The Hoops are managed by Mike Ford, the former Cardiff City and Oxford United defender, and are currently in 15th spot in the Blue Square Bet North.