Lloyds TSB Foundation for Scotland seeks life-saving millions

Foundation on the verge of closure after failure to agree new funding with Lloyds Banking Group

The Lloyds TSB Foundation for Scotland is attempting to raise £12m to guarantee its short-term survival.

The foundation has been unable to agree a new funding arrangement with the Lloyds Banking Group, leaving it on the verge of closure.

The £12m would enable the foundation to continue its grantmaking programmes over the next two years while it tries to reach a settlement for interim funding with its parent bank.

"We are starting to explore alternative routes to funding until the banking group returns to profit and we again receive monies through our covenant," said Mary Craig, chief executive of the foundation.

The foundation suspended its grantmaking programme to Scottish charities in October, and its last planned awards will be made in December.

Craig said she hoped the fundraising initiative would allow the organisation to begin a new grantmaking programme early next year.

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