The Department for Communities and Local Government is making grants worth £4.75m available to groups that want to buy or restore community assets.
Organisations that want to acquire or restore a local asset such as a village shop or a local pub can apply for capital grants worth between £100,000 and £500,000 from the Community Assets and Services Grants programme.
Organisations have until 30 August 2013 to apply for grants and all grants must be spent by the end of March 2014.
Caroline Forster, group investment director of the Social Investment Business Group, said: "These capital grants are for flagship asset projects that will not only transform the communities they are based in, but will also have an impact far beyond because of their scale and ambition.
"This year we have £4.75m to invest in projects that can transform communities and inspire others."
Information on the criteria for funding is available at sibgroup.org.uk/communityrights.