Virgin Money Foundation opens first grants round
Howard Lake | 14 August 2015 | News
The Virgin Money Foundation has announced its first round of funding, which is open to organisations that achieve long term impact in communities in the North East of England.
The funding will be for organisations that:
• enable homeless people or people at risk of homelessness to find a home, especially through increasing the supply of affordable rented properties.
• provide opportunities for youth education, training and enterprise.
• create and support community and social enterprise.
• fund feasibility studies into larger capital projects that will bring people and money into a deprived community.
Applications are invited for funding from £10,000 to £50,000 from organisations working in the local authority areas of Darlington, Durham, Gateshead, Hartlepool, Middlesbrough, Newcastle upon Tyne, North Tyneside, Northumberland, Redcar and Cleveland, South Tyneside, Stockton on Tees, and Sunderland.
Grants are for running costs, not capital costs. They are for one year only.
The closing date for applications to the Virgin Money Foundation’s first funding round is 28 September 2015.
The Foundation, the creation of which was announced last year, will subsequently extend its funding activities across the UK.
“Not enough” says Labour MP
The North East of England was where the Northern Rock Foundation was active before it closed. Virgin Money took over the Northern Rock bank following its nationalisation in 2012 following the financial crisis of 2008.
Chi Onwurah, Labour MP for Newcastle Upon Tyne, criticised the amount being provided by Virgin Money Foundation, contrasting it with the work of the Northern Rock Foundation. She said:
“Before it got caught up in the consequences of casino type financial speculation, Northern Rock reflected the values of the North East by generously investing in local good causes. I would like to see Virgin Money do the same.”
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About Howard Lake
Howard Lake is consultant editor of UK Fundraising. He founded the site in 1994 and successfully sold it in 2022. As director of Giving X Ltd he is exploring growing giving on a massive scale.
He is the founder of Fundraising Camp and co-founder of GoodJobs.