Lloyds launches social entrepreneurs fund

Lloyds Banking Group has launched a £5m Social Entrepreneurs programme to help tackle local poverty rates.

The programme aims to hand out £1m in training and grants to 150 people a year, for the next five years, and was officially launched last week by veteran MP Simon Hughes at a reception at the House of Lords.

Mr Hughes said the programme could help those looking to ‘develop lasting solutions to poverty and disadvantage in their communities’.

Among the grants on offer are 130 ‘start up’ awards, worth £4,000, which include a place on a local School for Social Entrepreneurs (SSE) and access to business networks.

There will also be 20 grants of £15,000 and a single grant of £25,000 for the ‘social entrepreneur of the year’.

The programme has been set up by money from the Lloyds Banking Group and social investor, Nominet Trust.