Lloyds Bank Foundation’s New Funding Approach in Response to COVID-19
The Foundation is making changing to its grant programme, effective immediately.
Lloyds Bank Foundation has announced that it has redesigned its funding programme to better meet the needs that charities are facing due to the coronavirus/COVID-19 crisis.
The Foundation says that as a funder during the current situation, it needs to be as responsive and flexible as it can, and it is taking the following approach in support of ‘three cohorts of charities’:
- Charities that have already made significant progress with their application have been able to access organisational development support as they made their application. This has helped many with financial resilience, business and contingency planning, IT equipment etc. Given that the Foundation wants to support more charities than usual, it is only committing funding for 12 months which will enable the Foundation to launch a new grants programme in the Summer.
- Existing grant holders can apply for grants of £5,000 to £15,000, from the new £2 million COVID-19 React Fund. The funding will support unanticipated costs incurred as a result coronavirus/COVID-19. The application form is very simple with three questions and a quick response time. The Foundation will ‘endeavour to process these as fast’ as they can to get the funds out to charities. The Foundation will have been in touch with existing grant holders by 29 May 2020. The deadline for applications is 5pm on Wednesday 17 June 2020.
- New applicants who are meeting the needs of critically vulnerable people in their communities will be able to apply for funding once the Foundation launches a new grants programme later in the summer. These applicants will be able to access organisational development support following an in-depth conversation with one of the Foundation’s Regional Managers about what would be most helpful to them.
Further information about the changes as well as the Foundation’s analysis report on how charities are responding to COVID-19 are available on the Foundation’s website.