In tomorrow's Budget, the Chancellor is expected to announce that community groups will be given up to £250,000 to take over struggling pubs in their area.
The Community Ownership Fund will also provide funds to local people to buy into endangered sports clubs, theatres, music venues and post office buildings that have been hit hard by the pandemic.
Under the fund, which will open in the summer and last for four years, community groups will be able to bid for up to £250,000 matched-funding to help them to buy local assets to run as community-owned businesses.
In exceptional cases, up to £1m matched-funding will be available to help establish a community-owned sports club or buy a sports ground at risk of loss from the community.
Rishi Sunak said: "Pubs and sports clubs are the heart and soul of our local towns and villages – they're the glue that keeps us together. This fund will help to ensure vital local institutions aren't lost to those who treasure them most."
Emma McClarkin, chief executive of the British Beer & Pub Association (BBPA), said: "We welcome this funding which recognises the vital role our pubs have played during the virus and should continue to play as the heart of our communities as we recover."