Friday, 23 February 2024
Friday, 23 February 2024

New £3m racial equity fund launched

APPLICATIONS are now open for unrestricted grants from Lloyds Bank Foundation for England and Wales, supporting small charities and CICs led by and working with people who face inequity because of their race or ethnicity. Around 40 grants will be awarded to focus on immediate and long-term support to help people break free from poverty. The deadline for applications is 31 May.  

The Covid-19 pandemic and now the cost of living crisis are substantially increasing poverty and hardship, compounding existing structural inequities and racial discrimination. This new funding programme will focus on supporting people experiencing racial inequity to break free from poverty and achieve their potential.   

Charities and CICs (Community Interest Companies) led by the communities they serve and with an annual income between £25,000 and £500,000 can apply for a three-year, unrestricted grant of up to £75,000. Alongside the funding, the Foundation will offer each charity or CIC a range of tailored additional support to help organisations strengthen, be more resilient and develop further.

This programme is aimed at organisations outside of London as these organisations have historically received less funding than London-based charities. For London-based organisations, the Foundation has collaborated with other London funders through the Propel programme, a 10-year programme to address inequality in London. Through this, the Foundation has awarded £375,000 to London-based organisations led by and for people minoritised because of their race or ethnicity.  

This funding builds on the Foundation’s existing commitment to racial equity work and investment in and support of charities led by and for people experiencing racial inequity. Since 2020, the Foundation has distributed more than a quarter of its funding to charities led by and for Black, Asian and minoritised ethnic communities.

Phoebe, a small Ipswich charity, received a £50,000 grant in 2020Mollin Delve, the Director, explains: 

“As a Black Asian and minority ethnic, violence against women and girls (VAWG) charity, those we support are more likely to suffer during an economic downturn. The grant from Lloyds Bank Foundation was a two-way partnership; we were the experts, encouraged to explore and adapted where we could make the most impact, rather than having a restriction on what to do.   

“Our grant manager and the consultants she introduced us to helped us rethink and creatively use the funds. They met us where we were and got to know our organisation, which led to a period of supported change and growth. The resulting changes we have made over the last two years have meant Phoebe is now more secure and resilient and in a strong position to support our community to work through the challenges ahead.”

Paul Streets, Chief Executive of Lloyds Bank Foundation for England and Wales, said: 

“We are excited to announce the launch of our Racial Equity fund. The small and local charities we partner with, run by minoritised communities, witness first-hand how structural and institutional racism continues to impact lives. These charities often find it difficult to secure funding and yet play a crucial role in reaching those often left behind by mainstream services.  

“Building on the insights and experience we’ve gained over recent years, we are dedicated to addressing the funding inequalities experienced by Black, Asian and minoritised ethnic-led charities to help them continue to support people confronting racial injustices. We continue to learn and improve our practices, codesigning this funding programme with organisations that work in this area and enabling charities to do what they do best – offering a trusted lifeline and helping communities overcome disadvantage.” 

Lloyds Bank Foundations Racial Equity programme is open until 5pm, Wednesday 31 May. For more information, visit https://www.lloydsbankfoundation.org.uk/funding or email enquiries@lloydsbankfoundation.org.uk.     

A Racial Equity funding eligibility webinar and Q&A will take place on 20 April, from 10.30am-12 noon. To book your place, please visit: https://lloyds-bank-foundation-racial-equity-funding-programme-webinar.eventbrite.co.uk/.  

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