A record $6.75 million will be granted in the coming year to a new fund for building or upgrading Bay of Plenty community facilities.

BayTrust said the new fund is thanks to the trust's strong financial performance recently.

The asset base has grown from $89m when it was first established in 1988 to $215m, subject to audit sign-off, as at the end of March 2018, Rotorua-based trustee Bill Cleghorn said.

"BayTrust can now introduce a new Community Amenities funding round while still increasing our granting across all current funding rounds and outcome areas," Cleghorn explained.

The new fund will grant between $100,000 and $300,000 to the projects.

"These community assets could include marae facilities, wetlands or new multi-purpose spaces for community groups, charities, the public, and volunteers to operate from," Cleghorn said.

"Recent examples of projects which would likely qualify for this new fund include the 'Maker Space' project in Rotorua's refurbished library which BayTrust contributed $130,000 towards last year and support given to Rotorua's hospice facilities," the trust said in a press release.

Cleghorn said the Bay of Plenty needed new and upgraded facilities "but it can be a struggle for groups and organisations to source the funding required".

The new fund will open for expressions of interest from July.

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Applicants must have an initial discussion with BayTrust staff first before lodging their application.

Those who are shortlisted by trustees will be invited to complete a full business case study before a decision is made.

The trust aims to cover 50 per cent of the total cost, and all projects must have sufficient funding in place to complete the work, and cover maintenance and operating costs.