Lloyds Banking Group has announced a guaranteed £25.5m annual donation to its four independent charitable foundations in 2021, securing a more certain future during the Covid-19 pandemic for small charities across the UK.
The group has said the pandemic has created “unprecedented difficulties” for the charity sector with large drops in fundraising and funding coinciding with increased demand for services and costs to adapt to meet government guidelines.
As the foundation charities look to restore and recover, the early funding commitment from the group will help to “safeguard their future and the important work that they do”.
The funding will help charities across the UK to continue their vital services, which support some of the most vulnerable in society, tackling issues such as domestic abuse, mental health, isolation, homelessness and employability.
Fiona Cannon, managing director, group sustainable business, said: “Our four independent charitable Foundations provide vital support to small charities across the UK and Channel Islands every year, and Lloyds Banking Group is proud to have funded them for almost 35 years.
“The support they provide local communities has never been needed more, so to ensure that they can continue their vital work, we have guaranteed that they will receive the same £25.5m funding in 2021 that they have received this year. We hope that this certainty will allow them to focus fully on continuing to support local charities and help Britain recover.”
The foundations combine local knowledge and expertise to help charities to become more effective and financially sustainable. Since 2014, Lloyds Banking Group has donated over £100m to charities across the UK and Channel Islands through the foundations.
The news comes as Lloyds Banking Group announced it has provided £4bn of Covid-19 finance for the business bounce back scheme.
The group announced 74,623 Bounce Back Loans applications approved, to the value of £2.4m, over 6,00 CBILS applications approved, to the value of £944m as well as eight CLBILS applications approved, to the value of £82m.