Here’s a chance to double down – and also gain access to significant training, guidance and knowledge.

The Knight Foundation, which is probably doing more to help journalism through this tumultuous period than any traditional media company, is coming up on the deadline for another round of its Knight Community Information Challenge. Note that this program is separate from the Knight News Challenge, which is about funding innovative ideas.

The FAQs are make clear the requirements. An added benefit (besides the dough): Registration is still open for the introductory Media Learning Seminar in Miami March 1-2. (If you go, and have never seen Amy Webb do her thing: Try not to let your jaw hurt anyone on its way to the floor.)

Moreover, there’s a chance to get answers to any questions you have about the program. The fine folks at the Knight Digital Media Center at USC and Cal-Berkeley are hosting a web-based Q&A on Feb. 26.

Journopreneurs: This can be a terrific start to your hyperlocal site – if you can partner quickly with a community foundation willing to match any Knight Foundation funds. But before you get all giddy, think about sustainability! If you get this money, what are you going to do make sure you can generate real money at the end of the grant? (Hint: “Apply for another grant” is not an acceptable answer.)