Lloyds Fund to award another £1m
01 Mar 17
The Lloyds Banking Group Credit Union Development Fund has re-opened for applications to share another £1 million.
The announcement came at a special event at the Houses of Parliament to celebrate the 21 credit unions that are sharing £1 million from the 2016 round of funding.
Established in 2014 as part of Lloyds’ Helping Britain Prosper Plan and run in partnership with the Credit Union Foundation, the Fund is designed to strengthen the financial position of credit unions and give them the capacity to develop new strategies for sustained and effective growth, and to provide additional much-needed responsible lending to communities across Britain.
This is the fourth year of the Fund, which will bring Lloyds Banking Group's total grant contribution to the UK's credit union movement to £4 million. Lloyds also signposts customers it is unable to help to their local credit union where appropriate, and provides volunteering support.
The awards event at Parliament was hosted by Chair of the All-Party Parliamentary Group on Credit Unions Seema Kennedy MP, and was addressed by the Economic Secretary to the Treasury Simon Kirby MP, Managing Director of Lloyds Bank and Bank of Scotland at Lloyds Banking Group Robin Bulloch, and by Chair of the Credit Union Foundation and the Development Fund Grants Committee Liz Barclay (all pictured).
Liz Barclay said: “The partnership with Lloyds Banking Group has been transformational for the Foundation and it has been a pleasure, as Chair of Trustees and Chair of the Grants Committee, to be closely involved with the grant making process and to see the impact the funding is having for credit unions and their members.
“From funding websites that allow new digital services for members to building capital reserves that are supporting significant growth, the Development Fund is supporting credit unions large and small to achieve sustainability. I am looking forward to continuing this partnership with Lloyds Banking Group and to seeing the full impact the Development Fund has in years to come.”
The Fund features two kinds of grant: large awards (of between £50,000 and £100,000) will provide a contribution to a credit union’s reserves or capital activities and help remove barriers to growth and innovation, while seed funding awards (of between £10,000 and £20,000) will help credit unions to make the changes they need to apply for a large award in a subsequent year or to pay for the costs of merger in certain circumstances.
Applications are open now for the 2017 round of funding, and full information – including eligibility details, assessment criteria and conditions for funding – can be found here. Applications must be made via the online application form here by 5pm on Friday 28 April 2017.