The fund will make £6m available annually for the next five years to help organisations finance new premises or refurbish existing ones. It is open to WCVA members and to non-members who are willing to join the WCVA. Charities will be able to borrow between £250,000 and £5m.
The terms and length of loans will be negotiated individually.
Graham Benfield, chief executive of the WCVA, said: "This finance will provide opportunities for organisations to own their premises and develop an asset base. This will allow them to control their costs, tailor their facilities to the needs of the people that use their services and work towards a more financially secure future.
"Community hubs are also proving valuable – we envisage this fund helping to create a network of focal points within communities across Wales that provide social and economic opportunities to local people."
The first loan to be made through the new fund will be a £395,000 loan to the Rhondda-based charity Valleys Kids, which will use the money to refinance its purchase of the Pop Factory, a former soft drinks factory in Porth that has been turned into a music facility, and develop a residential centre for young people on the Gower peninsula.