Operated by the Big Lottery Fund, Village SOS is looking to award grants of £10,000-£50,000 for enterprising community enterprises.
Funding opened on 10 April for villages or small towns with populations of no more than 3000.
The organisation that submits the application must be local to the community in question.
Funding can be used to pay some or all costs for the first year of an enterprise but projects costing more than £100,000 won't be funded.
Only one application per community will be considered.
They can come from voluntary and community groups or organisations such as charities, village committees, associations, trusts, co-operatives or social enterprises
Applications from parish, town or community councils will also be considered so long as local residents have clearly shaped the project.
The second round of funding comes ahead of a Village SOS Roadshow providing information, inspiration and advice to rural communities.
Starting in Dunfermline, the roadshow will visit 10 other locations in England and Wales
Experts will be on hand to help people start community enterprises that will breathe new life into their village.
Funding details can be seen here. Details of the roadshow, including locations and dates, are available here.