A TREASURE trove of cash for local groups to dip into is about to be unlocked and looks set to benefit the city.

The Community Chest is a fund available to organisations which work within the neighbourhood renewal area of Preston.

During the next two and a half years more than £150,000, provided by central government, will be given to the Community Chest, according to Mark Buckley of the Inner Preston Credit Union (IPCU), which is administering the money.

Mr Buckley said: "We are very excited about the prospect of being able to help people out financially. There are many organisations out there who could use extra funds.

"We are looking at a fast track system for grants of under £250 -- where organisations will hopefully receive the money six weeks from their application."

"A panel will decide who is awarded the grants which are between £50 and £5,000 and will be available for projects which help improve community activities.

"We hope there will be a cross-section of groups applying and we may hope under-represented organisations bid."

Preston Council for Voluntary Service (CVS) is a lead organisation in the project and is encouraging local groups to apply, particularly those from minority communities.

Application forms will be available from September for the first round of bids.