Lloyds Bank Foundation to open racial equity funding

The Lloyds Bank Foundation is to launch its racial equity funding for small and local charities that are led by and that support Black, Asian, and ethnic minority communities.

The funding strand will open on 20 April, when charities can apply for two-year unrestricted grants of £50,000 alongside development support.

The funding will be open year-round, meaning charities can apply at a time that suits them and will not be restricted by deadlines.

The Foundation is looking to support charities where more than half of their Trustee Board self-identify as Black, Asian or minority ethnic, with an annual income of between £25,000 and £1m, and with a strong track record of helping people from minority communities across 11 complex social issues.

Lloyds Bank Foundation for England and Wales is committing at least a quarter of its £9.5m grants budget in 2021 for small charities led by and for Black, Asian, and minority ethnic communities.

This follows on from the same commitment made last year by the Foundation, which awarded 38% of its COVID Recovery Fund Grants in 2020 to small charities led by members of minoritised communities.

In realising that tackling structural racism and funding inequalities is an ongoing, iterative process, it will continue to apply and revise its application processes to ensure that it can continue to meet the 25% funding target.

‘The charities we partner with see first-hand how structural and institutional racism continues to affect lives. These inequalities are present across the complex social issues we fund yet charities led by minoritised communities face greater barriers to securing much-needed funding,’ said Foundation chief executive, Paul Streets.

‘Small charities led by those who serve these communities have been vital in reaching those who have been less well served by mainstream provision, especially during the pandemic. We remain committed in our role as a funder in tackling the funding inequalities facing Black, Asian, and minority ethnic-led charities, to help them continue to reach people facing racial inequalities.’

For further information the Foundation’s funding criteria and eligibility please visit: https://www.lloydsbankfoundation.org.uk/we-fund/racial-equity

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