The Lloyds Banking Group has pledged £25.5m to its four charitable foundations in 2021, to help mitigate the long-term uncertainty caused by the Covid-19 pandemic.
The country-based foundations, which help charities become more effective and financially sustainable, support more than 3,000 charities with annual turnovers of below £1m.
In a statement, Lloyds said that the pandemic had created “unprecedented difficulties” for the charity sector, but the funding commitment from the group “will help to safeguard their future and the important work that they do”.
The banking group is matching the donation it made to its independent foundations in 2020. Since 2014, it has donated more than £100m to British charities through the foundations.
Fiona Cannon, managing director, group sustainable business at Lloyds Banking Group, said the foundations, which the group has funded for almost 35 years, provided “vital support to small charities across the UK and Channel Islands every year”.
She said: “The support they provide to 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 of 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 four foundations have said that they have committed up to £3.3m in Covid-19 emergency funding to support charities, as well as offering flexibility in how money was spent.