The council is facing an unprecedented budget challenge and the fund is designed to help organisations become more self sufficient and reduce their dependency on council funding.
Any groups based in Wolverhampton which currently receive grants from, or that are delivering services for, the city council are being invited to apply for a share of the £273,000 fund.
Councillor Elias Mattu, Wolverhampton City Council's Cabinet Member for Leisure and Communities, said: "We first launched the Innovate to Save Fund last year and it proved very successful, so it's really good news for the voluntary sector that they are available again this year.
"I want to urge all those voluntary and community sector organisations who get a council grant or that are delivering a service under contract for us during the 2013/14 and 2014/15 financial years to bid to the fund."
He added: "The city council understands and values the role that the voluntary and community sector plays in supporting the people of Wolverhampton and we are aware that the availability of grants, crucial for the delivery of services to some of the most vulnerable people, is becoming increasingly limited in the current economic climate.
"We hope this fund will enable organisations to become more self sufficient and reduce their dependency on council funding. It's an opportunity for organisations to introduce new ways of working or redesign current service delivery."
Eligible organisations are invited to submit innovative business proposals that will enable them to permanently reduce their grant or contract price.
In order to bid for funds, voluntary and community sector organisations will need to show how the grant would help them become more sufficient, efficient and effective, while achieving permanent savings in their future budgets.
Collaborative bids involving more than one voluntary or community sector organisation are particularly encouraged. Priority will be given to proposals that scope, develop or deliver organisational mergers and, depending on the scale of savings identified, support may be available for more than one year.
Further details, including the fund criteria and an application form, are available at Type=links;Linkid=2163;Title=Innovate to Save;Target=_blank; or from Wolverhampton City Council's Community Initiatives team, either by calling 01902 554067 or emailing community.initiatives@wolverhampton.gov.uk. The closing date for applications is Friday 13 September, 2013.
Special information sessions are being held on Monday and Tuesday 18 and 19 August, 2013, to discuss prospective bids - appointments can be reserved in advance by calling 01902 554067.
While this particular scheme is aimed at registered charities and companies in the Third Sector, there are many sources of funding available for other types of groups. Details of these are available from the Wolverhampton City Council 4 Community website - click on the "Search for grants and funding" link at Type=links;Linkid=2164;Title=Wolverhampton City Council 4 Community;Target=_blank;.
- released: Tuesday 23 July, 2013