Guidance notes for the fund were issued at the beginning of last month and included two deadlines for applications. Fast-tracked projects that already have well-developed business plans need to provide their applications by 29 July, while other standard schemes have until 30 September.
Grants will range from £1m to £5m and can be used to fund a variety of youth facilities, including youth clubs and arts, community and leisure centres.
Blackburn, Carlisle and Oldham are among the areas expected to put in significant bids for money.
A spokesperson for Oldham Borough Council confirmed that it was in the process of drawing up a business plan with local partners to support its application bid.
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