A £5 million pot of European Union funding will be used to benefit communities in south Sheffield as part of a long-term investment plan.
The South Sheffield Partnership, a group of community-run trusts and enterprises, has put together an ambitious £180 million 10-year plan to boost the local economy by creating so-called "social companies". These organisations plough their profits back into community projects and services including childcare, youth resources, housing, and health care.
Around 100,000 people, a fifth of Sheffield's population, will benefit from the money.
The Manor and Castle Development Trust will be responsible for managing the cash injection and is bidding for a further £15 million from the EU.
Dave Clarson, chief executive of the Manor and Castle, said: "We're an investment partnership, sharing good practices and good expertise to create permanent assets for local people.