Atom bank, in partnership with the County Durham Community Foundation, has launched the Atom Futures Fund.
The fund was designed to encourage and support sixth form students from low-income backgrounds or those who are in the care system to apply to Russell Group universities.
Split into two parts, part one of the Atom Futures Fund will offer a £250 financial incentive to at least 20 eligible Year 13 students in County Durham who decide to apply for any course at a Russell Group University.
This flexible funding can be used to support various aspects of the university application process, including interview preparation and travel expenses, as well as study materials, including books and equipment.
Part two will provide a further £1,000 for applicants who have received and subsequently accepted an offer from their chosen Russell Group University.
This aims to alleviate financial pressures and facilitate a smooth transition through university life by providing top up funding in the second term of their study.
Atom bank and the foundation will award a minimum of five of these grants each year, starting in August 2024.
Edward Twiddy (pictured), director of ESG at Atom, said: “Attending a Russell Group University provides many young people with a future rich in opportunities and the best chance of fulfilling their potential.
“But too many talented children from low-income backgrounds or growing up in care aren’t getting these chances, and this is especially true in the North East where outcomes and opportunities for young people are amongst the poorest in the UK.
“We can’t solve all the disparities between the most and the least fortunate, but as one of the largest and fastest growing employers in the North East, we want Atom bank to be at the forefront of driving sustainable economic growth within the community, while unashamedly developing talented individuals who can join our growing workforce.
“Through the Fund and other initiatives, we aim to break down some of the barriers that growing up in poverty or in care can put in front of young people, and in doing so help foster excellence in our region.”
Michelle Cooper, CEO at County Durham Community Foundation, added: “We know that poverty steals opportunities and restricts futures.
“Children and young people living in poverty are much less likely to access opportunities in education, and much less likely to have the means to take advantage of those opportunities should they present themselves.
“With this new fund, Atom bank is actively working to create brighter futures for the youngsters of County Durham, enabling them to fulfil their ambitions and their potential. We’re delighted to partner with Atom bank on the Atom Futures Fund and look forward to seeing the fund’s impact over the coming years.”
