Community groups urged to bid for loan sharks’ cash

Published: 10 April 2018

Community projects which do any of the following are being welcomed to apply for grants of up to £5,000;

  • Contribute to raising awareness of the dangers of using loan sharks
  • Prevent crime and disorder and publicises the Stop Loan Sharks messages
  • Promotes the work of the Illegal Money Lending Team (IMLT) in communities
  • Encourage reporting of loan sharks

The available money has been confiscated from convicted loan sharks through the Proceeds of Crime Act (2002), is being used by the The England Illegal Money Lending Team (IMLT),to fund local community projects which raise awareness of illegal money lending.

The IMLT will vote on which applicants will be granted the funding to support their community project. The aim of this national scheme is to see the illegal earnings convicted loan sharks have made, used wisely, to benefit key areas and reinvest the money back into local communities.

Loan sharks often trap borrowers into spiralling debt by charging astronomical rates of interest and arbitrary extra charges. In some cases, loan sharks have been known to resort to bullying tactics such as intimidation, threats and even violence to enforce repayment amongst borrowers.

 

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. For more information about this funding scheme and to receive an electronic application form, please contact:

LIAISE Manager Dave Benbow on David.A.Benbow@birmingham.gov.uk

The closing date for applications is Saturday 30 June 2018.

 

How to report a loan shark