The charity’s next step is to negotiate the sale with Rural Payments Inspectorate Division (RPID), which owns and manages the Smiddy Field.
The Scottish government division previously refused a request for the asset transfer, but the decision was overturned following a review by an independent panel.
Government ministers accepted the panel’s decision.
Knocknagael Ltd chairwoman Maria de la Torre said: “It is more than a year since the ministerial decision to allow the transfer was made, and we have spent months in negotiation with the department of agriculture.
“Hopefully this agreement on funding will allow us to rapidly conclude the transfer.”
She added: “On behalf of all our members, we are grateful to the SLF for their support; without it we would not have been able to continue to the next stage.”
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