The Lloyds TSB Foundation for Scotland has restarted its grantmaking programmes having raised money via the sale of shares held in the Lloyds Banking Group.

The Foundation will disburse £2m before the end of 2010, with share sales set to fund further grantmaking in 2011 “and beyond”.

The shares sold were bought during two rights issues held by the Banking Group in 2009; the Foundation had initially been told that it was not eligible to take part, but then the Group relented.

Mary Craig OBE (pictured), chief executive of the Foundation, said: “In mid-April we will be in a position to share the details of the programmes, including the criteria and the timetable for applications and awards.

“But we expect to direct this £2m to those in most need, to the small and hard-to-reach groups and organisations that struggle to gets funds elsewhere.”

“In addition, Lloyds Banking Group’s announcement that it is returning to profit earlier than anticipated makes it likely that monies due to us through our Covenant will begin to flow again earlier than expected.”