The grade-two listed former mill in Salford has been awarded a £746,000 grant from the National Lottery Heritage Fund for repairs.
The mill has previously received a total of £500,000 from Arts Council England, Salford City Council and communities that use Islington Mill in an artist-led fundraising campaign.
The latest funding will allow for urgent repairs to the fabric of the buildings to halt deterioration.
In 2010, Islington Mill was awarded £100,000 to improve gallery, event and performance space from Central Salford Urban Regeneration Company, which closed at the end of 2010 after private backers pulled out.
Islington Mill is currently used as a hub for arts and culture and will mark its 200th anniversary in 2023.
David Renwick, director of England, North, at the Lottery Heritage Fund, said: “We have awarded funding to safeguard the future of Islington Mill and ensure that this example of our industrial relics can continue to thrive as a sustainable business and community hub.”
Bill Campbell, director and founder of Islington Mill, said: “Islington Mill has been a home for creative entrepreneurs for 200 years. This award signals our collective intent that the building will continue to host creativity for the next 200 years.”