The money is to be used to tackle congestion and provide upgrades to local roads to improve journey times.
Bids are being encouraged for a wide variety of schemes to be carried out between 2018 and 2020.
The first trance of funding, £185m, is already being used to improve roads in Blackpool, upgrade access to the M65 near Blackburn, as well as improving the A483 and A55 for the expansion of Chester Business Park.
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In addition, it is supporting infrastructure for growth and is likely to include a critical link in Bridgwater supporting construction of Hinkley Point C nuclear power station and housing development in south Bridgwater.
The money is being allocated from the National Productivity Investment Fund, which is providing £1.3 billion to enhance transport links to boost growth.
Transport Minister Andrew Jones said: "We are investing record amounts on our roads – spending more than £23 billion on providing better journeys for motorists.
"We are also committing a further £1.3 billion up to 2020 to cut congestion and provide important upgrades to ensure our roads are fit for the future.
"This money will allow councils to go even further to improve their roads and will be targeted at areas which need it most, providing a significant boost to the UK's economy."
The competition will run until 30 June.
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