The fund was launched by Network Rail and the Association of Train Operating Companies earlier this year and is open to any stations of any size across the country.
To be eligible, proposals must make improvements to stations and also reduce the overall public subsidy for rail by generating a financial return.
The first wave of projects include car park improvements, station redevelopments and smart ticketing.
The £100m station commercial projects facility is an additional funding source separate from the national stations improvement programme and the control period 4 performance fund.
Bids from local authorities and train companies for the second wave of station upgrades need to be in by the end of September.
Mike Goggin, director of stations and customer service at Network Rail said: “This new fund will improve facilities for passengers without increasing the burden on the taxpayer.
“The second wave of funding is open for bids and we’d encourage the rail industry, local authorities and third parties to work together to come up with some more great ideas.”