Lloyds Banking Group and its four charitable Foundations have launched a new joint Financial Resilience fund, with £4.2 million available to the charity sector to help empower those most in need by gaining confidence and skills to manage their finances, reduce reliance on debt and achieve long-term financial stability.
The creation of the fund follows new research from Lloyds Banking Group and the charitable Foundations which found that in the past three years, 4.3 million individuals have sought assistance from UK charities due to financial hardship.
The Financial Resilience fund will reach charities through the Lloyds Bank Foundation for England and Wales, Lloyds Bank Foundation for the Channel Islands, Bank of Scotland Foundation and Halifax Foundation for Northern Ireland. Each of the four Foundations will receive a portion of the £4.2 million and will make a total of 57 grants which are expected over the next 2-3 years.
The aim of the fund is to reach people in new settings, for example via foodbanks or as part of mental health recovery. The fund will have two distinct strategies of support that charities can access, ‘overcoming setbacks’ for individuals in particular circumstances relating to debt or financial distress and ‘establishing a foothold’ which will encompass more general advice and financial support.
By working with communities, the aim is to help empower people by gaining confidence and skills to manage their finances, reduce reliance on debt and achieve long-term financial stability. Every charity that is supported through the fund will have access to Lloyds Banking Group’s Academy resources and skilled staff as mentors and coaches.
This programme is specifically designed for charities which work directly with people who are socially excluded and disadvantaged, over the long term to support them with the challenges of financial insecurity. Charities seeking unrestricted funding of £30,000.
Programme objectives
This programme is aimed at charities which work directly with people who are socially excluded and disadvantaged, over the long term to support them with the challenges of financial insecurity.
- Objective 1: Support for people and communities, where, when and how it’s needed, when facing the challenge of financial setbacks
- Objective 2: Invest in quality, tailored and relevant financial advice and guidance to build on people’s strengths, opportunities and prospects in an inclusive, accessible and respectful way
There is an online application process.