A trust set up after the clothing company Burberry left the Rhondda town of Treorchy has received the first £150,000 donation from the firm.
Over the next 10 years, Burberry has promised to hand over £1.5m to help train and educate communities hit by the factory's closure.
The process of bidding for that cash is now under way.
The fund is open to anyone in the area, with up to £2,500 available for people to boost their skills.
Joan Young, a former Burberry worker and now one of six members of the Rhondda Trust, said the money would help to change people's lives.
"If you want to become a carpenter and you have to buy the tools, or a plumber perhaps, we will be able to look towards giving them grants towards their tools or training," she explained.
"It is something for us to have for free, so let's enjoy spending it, and giving it to the local community"
"Individuals will be able to apply for a grant of £2,500 per annum. I think this will be very good for the youngsters here."
But the funds are not just for training young people in the Rhondda, insisted local MP Chris Bryant.
"Whether you are a youngster thinking about a gap year and they want a bit of money to go look at ice flows in Patagonia, or it's an old people's group who want to make sure all their members have IT skills, or someone who wants to set up a new youth club - these are the things we are looking to fund," he said.
"I hope this will be a seed over the next 10 years that will transform some people's lives."
The fashion giant agreed to give £150,000 every year for the next decade to the community after it shut the factory last March with 300 job losses.
Production of the company's polo shirts was transferred to China.
But the decision sparked a wave of protest that spread internationally, with campaigners winning the support of celebrities, including Emma Thompson, Rhys Ifans, Sir Tom Jones, and Manchester United manager Sir Alex Ferguson.
Part-time work
Mrs Young said a year on, the communities that worked for Burberry were now looking to the future, but it had been difficult for some.
"Many of them have found jobs, but we've found that the girls have a lot of part-time work - it's not full-time employment," she said.
"For some, the closure of Burberry has turned out to be a good thing. Burberry's was on our doorstep and we just stayed there.
"Now some of them have looked outside of the factory for work - and found better jobs."
The trustee also urged people to get their grant applications in as soon as possible, with a deadline in August.
"It is something for us to have for free, so let's enjoy spending it, and giving it to the local community, the two valleys, Rhondda Fawr and Fach," she enthused.
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