City Bridge Trust, the City of London Corporation’s charity funder, is giving new grants of up to £15,000 to all of the small charities it currently supports. The funding will be given to all of City Bridge Trust’s grantees with a turnover of less than £500,000 to cope with the sudden unexpected loss of income due to Covid-19. Around 170 small charities across London will benefit meaning an estimated £1,250,000 will be given in financial support.
The money will go towards supporting the charities with running costs and to help organisations in replacing loss of income, supporting them now and in the months ahead before society begins to return to normality.
The introduction of social isolation and measures such as working from home, office closures, and travel restrictions has meant that the voluntary and community sector, and others, have very suddenly and very drastically had to reduce or reshape their programmes and, with that, their ability to raise income will likely suffer.
The most significant and urgent issues grantees are facing is the sudden and unplanned loss of income from areas such as subscriptions, hall hire fees, attendance fees, fundraising events, donations, etc.
Communities need support to get through these tough times now more than ever and the valuable work of these small charities cannot be underestimated. This emergency funding will help them to continue playing a vital role in mobilising people and resources to help and protect people across the capital.
Last month, City Bridge Trust already pledged £1 million to an emergency support fund to help London’s community and voluntary organisations affected by the impact of the COVID-19, joining the Mayor of London, Sadiq Khan and London Funders a network of investors of London’s civil society, to launch the new fund, with an initial £1 million provided by CBT and another £1 million from the Mayor of London.
The emergency scheme, which will be coordinated by London Funders, will be available to charities facing immediate financial pressures and uncertainty because of the coronavirus.