Site search
  • You are here :
  • Home
  • » Projects
  • » Lloyds Banking Group’s Credit Union Development Fund

Lloyds Banking Group’s Credit Union Development Fund

LBG New Logo

About the fund

The Lloyds Banking Group Credit Union Development Fund forms an element of the Group’s ‘Helping Britain Prosper Plan,’ which was launched in March 2014, and is part of its commitment to improve financial inclusion levels across the UK. It was set up as a four year fund with £1 million available each year. Following the success of the first four years, Lloyds Banking Group has agreed to an additional year of funding in 2018 and a further £1,000,000. There will be changes to the application process so please read all guidance carefully before completing your application.

Grants will be made to existing credit unions which can show good performance and strong plans for their future development.

 

There are two types of grant:

  • Large Grants (of between £50,000 and £100,000) will provide a contribution to a credit union’s reserves and help remove barriers to growth and innovation. Open to all credit unions including previous Large Grant winners (with some additional criteria).
  • Seed Grants (of between £10,000 and £20,000) to help credit unions invest in resources and activities to improve sustainability and increased efficiency for lending, such as the costs related to a merger or investment in digital improvements.

2018 Timetable

  • Applications close at 12.00 on Monday 18th June.
  • The Credit Union Foundation Manager carries out an initial eligibility assessment and scores the applications against the funding criteria and shortlists all eligible applications.
  • The Grants Committee will meet to consider all the eligible applications and decisions will be announced in November.

Lloyds Banking Group’s financial commitment to credit unions is set out in its Prosper Plan, published in March 2014. This sets out a target to give £5 million to credit unions between 2014 and 2018. It also includes a priority to increase colleague participation in - and impact of - its community programmes. 

More information about Lloyds Banking Group’s Credit Union Growth Plan can be found at:

www.lloydsbankinggroup.com/our-group/responsible-business/our-community-programmes/supporting-credit-unions/

If you have any queries regarding the fund, please contact enquiries@creditunionfoundation.org.uk or 0161 819 6947.

http://www.creditunionfoundation.org.uk/projects/developmentfund/awards

The Awards

Awards have been designed to provide funding for credit unions' reserves and capital activities.  This will allow them to increase the size of their loan book, make higher value and longer term loans, increase their membership and savings deposits to drive income and thereby improve the sustainability of their credit union.

This sort of sustainable growth is designed to help credit unions reduce their reliance on short-term, external revenue grant funding and to maintain and grow their ability to help those people who are disadvantaged by providing access to appropriate savings products and affordable credit. 

There are two types of grant:

  • Large Grants (of between £50,000 and £100,000) will provide a contribution to a credit union’s reserves and help remove barriers to growth and innovation. Open to all credit unions including previous Large Grant winners (with some additional criteria).
  • Seed Grants (of between £10,000 and £20,000) to help credit unions invest in resources and activities to improve sustainability and increased efficiency for lending, such as the costs related to a merger or investment in digital improvements.

Further information and details of how to apply can be found in the guidance notes, which you should read carefully before beginning your application.

 

The Awards

Eligibility Details

Assessment Criteria

Conditions for Funding