The Department of Financial Protection and Innovation (DFPI) is seeking applications for its CalMoneySmart Grant Program to develop and deliver free financial education and empowerment programs to help unbanked and underbanked communities.
Donor Name: Department of Financial Protection and Innovation (DFPI)
State: California
County: All Counties
Type of Grant: Grant
Deadline (mm/dd/yyyy): 04/29/2022
Grant Size: $200,000
Details:
The grants may be used to:
- Design, develop, or offer free classroom- or web-based financial education and empowerment content intended to help unbanked and underbanked consumers achieve, identify, and access lower-cost financial products and services, establish or improve their credit, increase their savings, or lower their debt.
- Provide individualized, free financial coaching to unbanked and underbanked consumers.
- Design, develop, or offer a free financial product or service intended to help unbanked and underbanked consumers identify and access responsible financial products and financial services, establish or improve their credit, increase their savings, or lower their debt.
Additionally, every project funded with a CalMoneySmart grant must:
- Promote and enhance the economic security of consumers.
- Adhere to the five principles of effective financial education described in the Consumer Financial Protection
- Bureau’s 2017 report Effective financial education: Five principles and how to use them:
- Know the individuals and families to be served
- Provide actionable, relevant and timely information
- Improve key financial skills
- Build on motivation and,
- Make it easy to make good decisions and follow through.
- Include one or more specific outcome targets.
- Include an evaluation component designed to measure and document the extent to which the project achieves its intended outcomes and increases consumers’ financial well-being.
Funding Information
Through this program, the Department of Financial Protection and Innovation (DFPI) offers grants of up to $200,000 each.
Eligibility Criteria
To be eligible for a CalMoneySmart grant, an organization must:
- Be a nonprofit organization – exempt from federal income taxes under Section 501(c)(3) of the Internal Revenue Code and organized and operated exclusively for one or more of the purposes described in Section 501(c)(3) of the Internal Revenue Code.
- Have no part of their net earnings inure to the benefit of a private shareholder or individual.
For more information, visit Department of Financial Protection and Innovation (DFPI).
