Lloyds Banking Group’s Credit Union Development Fund
About the Lloyds Banking Group Credit Union Development Fund
The Lloyds Banking Group Credit Union Development Fund is part 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 added an additional £2 million to the Fund for distribution in 2018 and 2019.
Grants are 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.
- Applications close on 30th June 2019.
- 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.
More information about Lloyds Banking Group’s Credit Union Growth Plan can be found by clicking here.
If you have any queries regarding the fund, please contact email@example.com or 0161 832 3694.
Applying for a Grant
All the information you need to decide whether or not to apply for a Grant all the way through to submitting an application can be found by clicking on the links below. Credit unions are strongly advised to read all the information on the website as well as the guidance notes available to download on the right hand side of this page before submitting an application.
The Development Fund is highly competitive and in order to maximise your changes of being successful then careful attention should be paid to providing the specific information that the application form asks for.