It is encouraging to see that Lloyds Bank Foundation is recognising the need for this funding to be unrestricted, enabling recipients to use it as part of their recovery and continuation planning rather than being tied to predetermined ‘project delivery’ requirements. It would be wonderful to see more funders adopting this outlook. But it is unfortunate that the funding appears to be restricted to registered charities.
The Foundation’s press release said:
At 10am on 3 August 2020 we will be launching £7.4 million COVID funding aimed at supporting charities to recover beyond the immediate crisis.
From our conversations with small and local charities and the wider sector, we know that to be able recover from this health crisis charities need unrestricted funding and the space and support to adapt their organisational, income generation and service delivery models which have been significantly impacted by COVID-19.
To meet these needs, our COVID Recovery Fund will offer around 140 charities a two-year unrestricted grant of £50,000 alongside a Development Partner to help charities navigate a tumultuous future.
To survive the aftermath of the pandemic, charities have needed to alter the way in which they operate, deliver services and source income. Alongside crucial funding, we know charities need the space, support and resources to be able to do this and become more resilient to future challenges. This kind of work is complex, it takes time and involves the whole organisation and with the COVID Recovery Fund programme, a Development Partner will be appointed to work hand in hand with charities through this process.
This fund is open to small and medium sized charities with an income of between £25,000 and £1 million a year that are helping people overcome complex social issues such as dependency, homelessness and domestic abuse.
Applications will open from 10am 3rd August 2020 and will close at 5pm 11th September 2020.
→ Lloyds Bank Foundation is holding a Q&A webinar with its grants team on 11th August between 2pm – 3.30pm you can register here.