Blackburn with Darwen Council said it wanted to avoid "creatives having to move away to further their careers" The fund will help pay for 250 volunteers and 12 paid workers in Lancashire, which has a historic reputation for manufacturing.
The money would be used to develop skills and improve employability, and to set up pop-up events and school initiatives.
A customized collection of grant news from foundations and the federal government from around the Web.
The government-backed Social Investment Research Council is newly formed to hatch practical insights into social investment market products, and the investors needed to finance them.