The Income Growth Solutions funding program intends to support and learn from the connections between education, employment, and the financial health needed to turn income into wealth.
Donor Name: The Chicago Community Trust
State: Illinois
County: Cook County (IL)
Type of Grant: Grant
Deadline: 04/17/2023
Size of the Grant: $100,000 – $200,000
Grant Duration: 1 year
Details:
Goals and Outcomes
The Income Growth Solutions Request for Proposals (RFP) advances the Trust’s 10-year goal to increase the growth of wealth of Black and Latinx households relative to white households.
This RFP also advances the Growing Household Wealth goals to:
- Increase access to financial solutions that improve individual and household economic stability
- Changes in personal financial well-being (e.g., financial aid access, credit building, banking use, access to barrier reduction, etc.)
- Changes in access to counseling and coaching (e.g., financial planning, financial aid counseling)
- Expand economic opportunities for Black and Latinx Chicagoans to access careers
- Increase in participants obtaining quality employment
- Increase in number of participants who report obtaining a promotion or title change
- Increase in % of participants retaining employment after program completion (e.g., 6 months, 9 months, 1 year after completion)
- Increase in % of students retained (e.g., the first/second year or through program completion)
- Increased capacity of staff to collect data on key demographics
- Increased partnerships with employers, 2-year, and/or 4-year institutions
- Increase in participation of Black and Latinx individuals.
Priority Strategies and Activities
Organizations invited to submit a full application will be evaluated based on the organization and the project’s experience with and connection to one or more of the following priority areas for the Growing Household Wealth Income strategy:
- Quality employment opportunities: programs demonstrating connections of job placement with career pathways to wage growth, broad benefits coverage, and a supportive work environment
- Quality education opportunities: programs demonstrating connections from postsecondary and credential completion to career pathways with limited debt burden
- Quality financial health opportunities: programs demonstrating the ability to help workers and students navigate and participate in financial products, planning, and solutions that put them in the best position to access asset-building vehicles such as homeownership.
Funding Information
- The Income Growth Solutions grant opportunity is for one year of project support.
- The Trust will award up to 10 grants between $100,000 and $200,000 in this grant cycle.
Eligibility Criteria
To be eligible for a grant award, an applicant must be:
- A nonprofit organization with evidence that it (a) has been recognized by the Internal Revenue Service as an organization described in Section 501(c)(3) of the Code; (b) is fiscally sponsored by a Section 501(c)(3) organization; (c) or is a governmental unit within the meaning of Section 170(c)(1) of the Code
- Located within and/or primarily serving residents of Cook County, Illinois.
For more information, visit TCCT.
