Around 100 workers at the Wabtec plant in Kilmarnock are at risk of redundancy.
The train operator records the second highest leap in satisfaction levels in the UK.
Twenty-four organisations across Scotland are sharing in the CashBack for Communities funding.
The bank said 100 jobs will be in Edinburgh and a further 20 in Newcastle.
Friends of the Earth Scotland made the call as MSPs prepare to vote on legislation.
Cosla's president Alison Evison said more funding is needed for local authorities.