Applications are now open for the inaugural Give500, which harnesses the power of collective giving to fund projects directly benefiting the Albury-Wodonga and wider communities.

Three projects will be selected by the Give500 committee, with the successful recipient receiving $15,000 and the runners-up $2,500 respectively, explains Border Trust executive officer Glenys Atkins.

This year the focus is on community wellbeing with events, campaigns or projects that:

The successful recipient will be chosen by 41 donors at a Pitch & Vote Night in November 2021.

Ms Atkins said the Give500 Collective Giving Grant was made possible through thedonations and contributions of local people and businesses looking to make a positive impact on the community.

"Give500 aims to provide an accessible entry point for like-minded donors across all generations to pool donations, support their community and experience the grant-making process first-hand," she said.

"Your $500 donation, combined with all Give500 donations, will create a lasting positive impact on the wellbeing of our local community."

Each year 60 per cent of contributions are directly granted as part of Give500; with 40 per cent to build a sustainable foundation, support additional granting and build a perpetual endowment for community benefit, according to Ms Atkins.

About $1.9 million has been distributed since 2005 across the Albury, Federation, Indigo, Greater Hume, Towong and Wodonga local government areas, extending to the Snowy Valley and Alpine shires for bushfire recovery.