Money taken from convicted loan sharks is being handed out to charities, community groups and voluntary organisations. East Devon District Council is encouraging groups in Sidmouth to apply for funding.

The England Illegal Money Lending Team (IMLT) is cracking down on loan sharks across the country and stripping them of their ill-gotten gains under the Proceeds of Crime Act (POCA) legislation.

The Stop Loan Sharks Community Fund is open again for bids from charities, voluntary organisations and community groups involved in activities that have a positive impact on their communities.

The Fund is made up of money seized from convicted loan sharks, which is made available to groups through a bidding process and grants are awarded to successful applicants.

Each group will be able to apply for grants of up to £5,000 and will have to demonstrate the positive impact their project would have on their community. Applicants will also have to demonstrate how their project contributes to delivering the IMLT's priorities which include raising awareness of the dangers of loan sharks; promoting the work of the IMLT in communities and encourage reporting of loan sharks.

Tony Quigley, Head of the England Illegal Money Lending Team, said: "Over the last two years more than £230,000 has been allocated to local community projects across England from money retrieved from loan sharks. It is only right that profits generated from illegal money lending are reinvested into initiatives that help prevent crime and protect their communities."

The IMLT is keen to support innovative crime prevention initiatives that leave a lasting legacy for their communities. For more information on how to apply for a grant click here.