The London Development Agency (LDA) has opened the third and final round of bidding for its £1.2m 2012 Cultural Skills Fund.

The money is to be awarded to community-based skills , training and employment projects aimed at promoting participation in the Cultural Olympiad and other arts-related activities in the run up to 2012.

The fund, managed by Arts Council England, has been split into three bidding rounds and the final round of bidding, offering £500,000 worth of grants, is now open.

Peter Rogers, chief executive of the LDA, said: “The 2012 Games are an unprecedented opportunity for London to showcase its creative talents on a global scale and galvanise thousands of people to get involved in the arts.

“We want to support those individuals through the 2012 Cultural Skills Fund so arts and cultural groups can help Londoners to gain valuable skills that will improve their job prospects while also boosting our creative sector.”

The LDA announced grants of nearly £50,000 each to The Young Vic, The Graeae Theatre Company, East Potential and Cockpit Arts in April as part of round one of the funding. The awards for round two are currently being decided.

Organisations wishing to secure a grant in the final round must register their interest by 3 July at www.competefor.com