The England Illegal Money Lending Team (IMLT), hosted by Birmingham City Council, is providing grant funding for local groups that want to raise awareness of the issues of illegal money lending in their community. The funding has come from the proceeds of crime taken from convicted illegal money lenders.
Illegal Money Lenders, more commonly known as loan sharks, lend money without having the correct permissions from the Financial Conduct Authority. Loan sharks operate by giving cash loans without any paper work and want to double the amount they get back or charge extortionate interest rates. When people struggle to make repayments, the loan sharks may use violence, threats and intimidation, to ensure that they get their money.
This funding scheme aims to give local groups the opportunity to raise awareness of the issue, in their community in a different way.
The deadline for applications is 31 August 2020 (midnight).