City Bridge Trust has joined the Mayor of London, Sadiq Khan and London Funders a network of investors of London’s civil society to launch the new fund, with an initial £1 million provided by CBT and another £1 million from the Mayor of London.
The emergency scheme, which will be coordinated by London Funders, will be available to charities facing immediate financial pressures and uncertainty because of the coronavirus.
A variety of funders from across London will pool their resources and expertise to help these organisations, many of whom are facing increasing demands for services, higher staff absences, fewer volunteers and lower donations.
Many have small teams and rely on the support of volunteers to help vulnerable Londoners, such as those on low incomes and victims of domestic violence.
A special section of the London.gov.uk website will be created to help link organisations in need of volunteers with individuals wanting to sign up to help.
Dhruv Patel, Chairman of the City of London Corporation’s City Bridge Trust Committee, said: “We are all living in very challenging times. Now more than ever we need to support our communities and provide much needed help and assistance, especially to those that are vulnerable.
“Our voluntary sector is already doing an incredible job in going the extra mile to support those impacted by the COVID-19 crisis. This funding boost will be vital as the weeks unfold, helping charities provide and adapt vital services for London’s communities.
Full details of the fund and how to apply will be published next week at www.londonfunders.org.uk