CalMoneySmart Grant Program

The CalMoneySmart Grant Program, administered by the California Department of Financial Protection and Innovation (DFPI), is an annual initiative dedicating a total of $2 million to nonprofit organizations. This program aligns with the foundation's mission to enhance financial well-being, specifically targeting individuals experiencing financial insecurity within California. The grants, ranging from $100,000 to $500,000, are awarded for a two-year period, with individual grants up to $200,000, to support programs that foster financial education and empowerment. The primary beneficiaries of this program are unbanked and underbanked consumers in California. The impact goals are centered on enabling these individuals to achieve financial stability by identifying and accessing lower-cost financial products and services, establishing or improving their credit, increasing their savings, and lowering their debt. The program prioritizes comprehensive financial literacy and practical tools to empower vulnerable populations. The core focuses of the CalMoneySmart grants include the design, development, or offering of free classroom- or web-based financial education and empowerment content. This content is specifically tailored to assist unbanked and underbanked consumers in navigating financial systems and making informed decisions. Additionally, the program supports the provision of individualized, free financial coaching, offering personalized guidance to help beneficiaries overcome specific financial challenges. Furthermore, the grants can be used to design, develop, or offer free financial products or services that help unbanked and underbanked consumers identify and access responsible financial products and services. The expected outcomes include a measurable improvement in the financial health of participants, evidenced by increased access to responsible financial products, improved credit scores, higher savings rates, and reduced debt burdens. The DFPI's strategic priority is to promote consumer protection and financial well-being, with a theory of change that by providing targeted financial education and access to appropriate resources, financially insecure Californians can achieve greater economic stability and security. Eligibility for the grant requires applicants to be 501(c)(3) tax-exempt organizations, in good standing with the California Secretary of State, and to have submitted a satisfactory final report for any prior DFPI grant funding. This ensures that the grants are awarded to reputable and effective organizations capable of delivering impactful programs.