Lloyds Banking Group’s Credit Union Development Fund
Lloyds Banking Group’s Credit Union Development Fund is being made possible with the contribution of £4m funding and resources from the bank.
The Fund is being managed by the Credit Union Foundation and all grant award decisions are made by a specially selected independent Grants Committee.
All credit unions authorised to operate in England, Scotland, Wales and Northern Ireland can apply for an award, provided they have not already received a large grant from the programme.
The funding programme has been designed to strengthen the financial position of credit unions and give them the capacity to develop new strategies for sustained and effective growth.
Two kinds of grants are available:
- Large awards (of between £50,000 and £100,000) will provide a contribution to a credit union’s reserves or capital activities and help remove barriers to growth and innovation.
- Seed funding awards (of between £10,000 and £20,000) will help credit unions to make the changes they need to apply for a large award in a subsequent year or to pay for the costs of merger in certain circumstances.
There are two stages to the 2016 application process.
- Stage One applications will be open from 1st March and close at 5pm on 29th April.
- The Credit Union Foundation Manager carries out an initial eligibility assessment and scores the applications against the funding criteria and shortlists all eligible applications. Only shortlisted applicants will be invited to apply to Stage Two.
- The Grants Committee will meet to consider Stage Two applications and decisions will be announced in October.
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 £4 million to credit unions between 2014 and 2017. 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
If you have any queries regarding the fund, please contact email@example.com or 0161 819 6947.