Nationwide Building Society is to offer cash support in the form of grants up to £50,000 that will go towards helping those feeling the effect of the country's rising cost of living.
With research showing the majority of people are worried about the rising cost of living, applications are now open for Community Grants. According to BirminghamLive, charities helping struggling households will be able to get cash sums from the building society for causes helping address financial hardship and housing issues among families.
The Community Grants programme awards charities, community land trusts and housing cooperatives grants of between £10,000 and £50,000. Nationwide says it will make £22 million in funding available to charities and organisations by 2023.
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Research from Nationwide shows that 85 per cent of people are worried about the rising cost of living, with a third (33 per cent) saying they may no longer be able to afford their mortgage or rent. Two thirds (66 per cent) have made cutbacks in anticipation of this, while four in ten (40 per cent) have already dipped into their savings to afford their bills over the last year.
Nationwide says that not only is this crisis affecting people now, but it is changing their outlook on the future with more than a third (34 per cent) having lost all hope that they will one day be able to afford a home, according to the study of 2,000 people.
Since 2017, Nationwide has given £17.7 million to 444 housing projects and charities which help address the theme of home. By 2023, £22 million will have been awarded. This year there's £4.3m worth of funding available.
All successful Community Grant applications must meet one of three social priorities:
- Helping people into a home
- Preventing people from losing their home
- Supporting people to thrive at home
Beneficiaries of the 2021 Community Grants Programme included an organisation based in Hampshire that runs a life skills programme for young people who are homeless or have experienced homelessness, a hostel in Worcester that provides counselling support, training and employment opportunities to residents, and a charity in Merthyr Tydfil, Wales, that offers support and advocacy to victims of domestic abuse.
Craig Taylor, Senior Social Investment Manager, Nationwide Building Society, said: "The last year has been exceptionally challenging for many of us, but if there’s one thing it has taught us, it’s the value and importance of community. Due to cost pressures faced by so many households in the UK, we are welcoming applications from charities supporting people in the cost of living crisis alongside those focused on housing.
"Since 2018, our Community Grants Programme has supported charitable organisations seeking to make a difference to vulnerable people facing housing challenges across the UK. Everyone should have a place fit to call home, which is why our Community Grants Programme is so important to us. As a member-owned organisation, we have always seen it as our place to help facilitate positive changes in local communities, and we are encouraging charities to apply to our Community Grants programme."
All Community Grant applications are shortlisted and then put to a board of 14 members and eight colleagues to vote on which charities should receive a grant. This year Nationwide is capping the amount of Community Grant applications it will accept to 40 per region, meaning approximately one in four applicants will be successful. If the cap isn’t reached, applications will close on Monday May 23.
For more information visit, www.nationwidecommunitygrants.co.uk
