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Following contact from NICVA, Transact have confirmed that RBS Innovate is also open to applications from organisations in Northern Ireland - although original guidelines did not indicate so.
RBS Innovate is committed to giving organisations the time and space to test out new approaches and activities which will extend knowledge of what works in helping people move towards financial inclusion; and in doing so build up a stock of transferable new ideas for use by other organisations across the UK.
RBS Innovate totals £100,000 and is allocated on a yearly basis based on innovative criteria which seek to support organisations’ existing work as well as encourage partnerships and networking.
Applications are now being taken for projects which should start in January 2007. All awards will go to projects which fulfil this year’s criteria and demonstrate wider applicability. The findings of the projects will be shared via Transact so that everyone can share in the best practice or learn from the brave failures.
2006-2007 Application Criteria
Transact has a key objective to promote financial inclusion within broader social inclusion objectives. This year the criteria for RBS Innovate encourages non-financial inclusion projects to apply for funding to kick-start financial inclusion work within their organisation.
Any activity which promotes financial inclusion will be considered: activities might include (but are not limited to):
Helping people with money can be done in a number of different ways and may be combined with other services (eg housing, mental health, parenting, basic skills, education, employment, rehabilitation etc).
Organisations which wish to apply for funding must be
located in England, Scotland, Wales and Northern Ireland (their website has to be updated to include Northern Ireland)
members of Transact. Membership is free
existing organisations with charitable aims which DO NOT HAVE* financial inclusion as a current work stream
able to demonstrate wider applicability of the proposed project
willing to provide training and information to other Transact members about their organisation’s speciality and how it links with financial inclusion
*Existing financial inclusion projects may not apply. However, they may benefit from the funding through partnership arrangements with the applying organisation.
If your organisation is a branch of a national charity which promotes financial inclusion, but your specific location has not yet done any financial inclusion work (eg a local Age Concern or CAB), you would be very welcome to apply.
Third sector lenders who do not currently provide any personal finance lending or support but want to expand into this area are also welcome to apply.
Transact expects to build a portfolio of 3-6 projects with awards between £10,000 and £30,000. However, it will consider awards which are smaller or larger.
Application guidelines and forms are available from the Transact website.
Send your completed form to Shelena Khanom at RBS Innovate, C/O Toynbee Hall, 28 Commercial Street, London E1 6LS. Please enclose a copy of your last annual report or most recently audited accounts.
The closing date for applications is 8th September 2006.
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