Holly from the England Illegal Money Lending Team shares details of this funding opportunity. Ed
The Illegal Money Lending Team, who investigate and prosecute loan sharks, are putting forward multiple pots of £5,000 of Proceeds of Crime Money to help subsidise community projects that assist in raising awareness of loan sharks.
This large sum of cash, which has been confiscated from illegal money lenders, is being used to fund projects which meet the Illegal Money Lending Team’s criteria and help raise awareness of the dangers linked to borrowing from loan sharks.
Illegal earnings to benefit key areas
A panel of judges from the team will vote on which groups will be granted funding to support their community project. The aim of this funding scheme is to see the illegal earnings these loan sharks once made, used wisely, to benefit key areas.
Local residents, charities, community and voluntary groups, schools and statutory agencies in Isle of Wight are welcome to apply for the cash, to spend on any worthwhile community project which does at least one of the following:
- Contributes to raising the awareness of the dangers of using ‘loan sharks’
- Promotes professional credit options to people at risk of using ‘loan sharks’
- Promotes financial management or budgeting to people at risk of using ‘loan sharks’
- Reduces crime, disorder and illegal money lending in the local area
How loan sharks work
Loan sharks often trap borrowers into spiralling debt by charging astronomical rates of interest and arbitrary extra charges. When their borrowers are unable to pay, many will resort to bully tactics such as intimidation, threats or violence to enforce repayment.
Tony Quigley, Head of Service for the Illegal Money Lending Team comments:
“Illegal money lenders are a scourge on our communities, and can have a huge detrimental impact on the lives of their victims. We’re looking to fund community projects in the Isle of Wight, as we are able to use this money to fund something positive and help prevent these criminals from operating in the future.
“If you think your project meets our criteria, then please come forward and bid.
“Also, if you have been a victim of an illegal money lender, we urge you to in touch with the team on 0300 555 2222.”
How crime money has helped
Previously, proceeds of crime money has helped fund local drama productions to warn people about the dangers of using loan sharks, community arts project producing Stop Loan Sharks murals and the development of a money management and loan shark prevention badge for the Girl Guides.
How to apply
Groups can apply for up to a maximum of £5,000 per project idea. Applicants can submit more than one project idea if they wish.
For more information and to receive an application form, please contact ([email protected])
Please note the closing date for applications is 30th September 2016.
