Innovation grants from the Money Advice Trust
Grants are available for innovative projects helping individuals and microbusinesses across the UK to tackle their debts and manage their money wisely. By innovation the Money Advice Trust means: “New approaches or resources that can be used to solve problems of how to engage or more effectively support clients, which could be replicated or used by others”.
Therefore they are looking for projects that display ‘a first of their kind’ or emerging practice approach in terms of how they deliver debt advice. This may include engaging groups/individuals whose specific needs are not sufficiently catered for at present.
The Innovation Grants programme offers grants of up to £30,000 per year for up to three years to charitable organisations in the UK. However, to receive funding for more than one year, successful applicants will have to show how their project will evolve or innovate in each subsequent year.
Funding is available for projects that demonstrate innovative practice and meet either aim 1 or 2 whilst assisting the Trust in achieving aim 3:
- empower individuals and microbusinesses to tackle their debts and improve financial health
- support staff in charities across the UK to provide effective debt and/or money advice
- improve the UK’s money and debt environment through the dissemination of successful innovative practice from funded projects
They want to support projects that will help individuals or microbusinesses in one or more of the following circumstances:-
- in severe financial hardship
- who are financially excluded
- who are hard to reach
- and thereby enabling them to achieve one or more of the following:
- increase their financial literacy
- reduce their debt
- maximise their income
- save money for the future
- access affordable credit and financial services
The following is a list of themes that the Trust is interested in funding in 2016; however applications on themes outside of this list will still be accepted:
- household budgets, particularly how to help people with deficit budgets
- cost effective ways to engage with clients to develop their money skills
- overcoming barriers to accessing advice using established channels
- supporting self-employed clients who have low incomes
The deadline for Expressions of Interest is 4 July 2015. For more information and to apply, visit the Innovation Grant website.