Conditions for Funding

Applicants must be able to: 

  • Submit plans that show that activities are underway to drive sustainable year on year growth, including viable plans for staffing and other resources to enable this growth. 
  • Demonstrate plans to strengthen their financial ratios, particularly relating  to solvency, loans to assets, capital, delinquency, operating costs and net income to assets
  • Provide measureable outcomes which will demonstrate their intended development –for example,  relating to increases in membership, deposits, number and average size of loans – that can be reported on at intervals during the lifespan of the grant, if awarded.
  • Submit sufficiently detailed risk assessment and mitigation intentions for the development plans which include demonstrable understanding of local/community/economic issues which may affect projections.
  • Show evidence and understanding of the current and future needs/demand in their community
  • Demonstrate that they are undertaking activities to broaden their active membership base across all sections of their community, for example showing how serving higher income members will increase income generation to support sustainability of services to more disadvantaged members.
  • Demonstrate commitment to and involvement with their community
  • Provide viable plans for helping more individuals/families defined as low income, financially excluded or disadvantaged.
  • Confirm that they will be able to provide qualitative as well as quantitative evidence to the Foundation of the positive impact of the grant.
  • Provide evidence of their ability to record and report on beneficiaries in terms of demographics (in a confidential manner)
  • Support the Credit Union Foundation in evaluating the programme. 
  • Sign up to best practice collections and recoveries guidelines as a condition of any grant offer.
  • You are expected to build relations with relevant local charities as a means of accessing individuals who may benefit from engaging with a credit union. This includes actively making contact with Lloyds Bank Foundation to connect you with charities they fund in your area.

Supplementary information 

  • Applicants may also be invited to suggest opportunities for Lloyds Banking Group employees to volunteer their skills to support the development and sustainability of your credit union. This information will be passed to the Group by the Foundation. Your application for a financial award is not dependent on this information being provided.

 We anticipate that there will be competition for funds so priority may be given to:  

  • Credit unions that are sharing data with credit reference agencies in order to help individuals to build their credit score, overall national credit scoring profiling and the credit union to manage their debt default exposure.  (This will be a condition of grant if not already in place).
  • Those credit unions that serve communities in the most deprived communities according to the National Indices of Multiple Deprivation.
  • Credit unions seeking funding to support mergers.