Angela France, one of the directors at Daisybank CIC, which helped to saved the field in Cheltenham from development last year, said she was “delighted” to hear about the new fund.
“Local green spaces are so important to us now,” she said.
“I see more and more local communities getting together to protect them.”
She said since buying the land, the group had organised litter picking, butterfly counts and an ecological survey in order to plan how best to maintain the field so that local wildlife could thrive.
A community event is also organised for 24 October to gather views on the future of the field.
The new fund has also been designed to contribute to nature recovery across the county, while addressing unequal access to nature.
David Owen, chair of trustees at The Summerfield Charitable Trust, said the initiative “has the potential to create a lasting legacy for nature, communities and future generations across Gloucestershire”.
He added: “Through this investment, we hope to enable communities to act quickly when opportunities arise, protect important natural assets and create benefits for wildlife, health and wellbeing that will endure for many years to come.”