As part of its COVID Recovery Fund, small and local charities that are helping people overcome complex social issues can now apply for two-year unrestricted grants of £50,000 with dedicated organisational development support from Lloyds Banks Foundation for England and Wales. At least a quarter of the funding will be allocated to charities led by and for Black, Asian and Minority Ethnic communities. The funding programme, which will launch on 3 August, will make available £7.4 million in grants and will be able to support 140 charities.
‘These last few months have been immensely trying for the voluntary sector, yet, small and local charities are continuing to help the people that need them most. They have been developing innovative ways of reaching people, adapting their service delivery models, forming strong partnerships with local agencies to coordinate support and so much more,’ said Paul Streets OBE, Chief Executive, Lloyds Bank Foundation.
According to research by Institute of Fundraising, 84 per cent of charities saw a decrease in income, while almost half saw the demand for their services increase, as people facing complex social issues are at even greater risk. Research conducted by Ubele in April 2020 found that 9 out of 10 Black, Asian and Minority Ethnic led charities are set to close permanently if the crisis continues beyond three months. Lloyds Bank Foundation hope its new funding programme will help mitigate some of these challenges.