Aims/priorities: Funding is available for local groups that want to raise awareness of the issues of illegal money lending in their community. The funding has come from the proceeds of crime taken from convicted illegal money lenders.
Illegal Money Lenders, more commonly known as loan sharks, lend money without having the correct permissions from the Financial Conduct Authority. Loan sharks operate by giving cash loans without any paper work and want to double the amount they get back or charge extortionate interest rates. When people struggle to make repayments, the loan sharks may use violence, threats and intimidation, to ensure that they get their money.
This funding scheme aims to give local groups the opportunity to raise awareness of the issue, in their community in a different way.
The funding can be used for ‘any worthwhile’ community project that meets the following criteria:
Contributes to raising awareness of the dangers of using loan sharks.
Prevents crime and disorder and makes a difference in local communities.
Promotes the work of the Illegal Money Lending Team (IMLT) in communities.
Encourages reporting of loan sharks and signposts victims to the team.
Who can apply? Local charities, community and voluntary groups, schools, statutory agencies and local residents in England can apply.
Grant amount: Grants of up to £5,000 are available.
Application process: Guidelines and the application form can be found on the Stop Loan Sharks website.
Deadline: The deadline for applications is 31 August 2020 (midnight).
Contact Information: Email: reportaloanshark@stoploansharks.gov.uk
Website address: www.stoploansharks.co.uk/cash-seized-from-loan-sharks-to-fund-community-projects/