Department of Financial Protection and Innovation - CalMoneySmart Deadline: 4/29/2022

Opportunity Title:

CalMoneySmart 2022-23 Grant Description:

Governor Gavin Newsom signed Senate Bill 455 (Bradford, Financial Empowerment Fund) on Oct. 2, 2019. This bill requires the DFPI to administer a program (CalMoneySmart) to offer qualifying nonprofit organizations grants of up to $200,000. 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:

  1. Know the individuals and families to be served

  2. Provide actionable, relevant and timely information

  3. Improve key financial skills

  4. Build on motivation and,

  5. 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.

Eligibility: 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.

Award Details: Total Amount Available: $2,000,000 Maximum Award Amount: $200,000

Submission Details: Application Deadline: April 29, 2022

Opportunity Link Grant Management Associates has years of experience with opportunities like this one. Contact us today for a consultation.