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CalMoneySmart 2026-2028 Grant Program

Department of Financial Protection and Innovation · 163110

Eligibility details

All applicants must meet the following criteria: 1) Applicant is exempt from federal income taxes under Section 501(c)(3) of the Internal Revenue Code. 2) No part of the Applicant's Net Earnings shall inure to the benefit of a private shareholder or individual. 3) Applicant must be in good standing with the Secretary of State of California. 4) Submission of a satisfactory final report for any prior grant funding awarded by DFPI.

Matching funds & resources

Source matching-funds field: Not Required.

Matching funds and leveraged resources are different requirements. Read the description and reviewed rules below before determining resource commitments.

About this opportunity

Grant funds may only be used for the following financial education and empowerment services for the targeted at-risk unbanked and underbanked populations: 1) Designing, developing, or offering, free of charge to consumers, 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. 2) Providing individualized, free financial coaching to unbanked and underbanked consumers. 3) Designing, developing, or offering, free of charge to consumers, a 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. Every project funded with a grant from the Financial Empowerment Fund shall meet the following criteria: 1) Promote and enhance the economic security of consumers. 2) Adhere to the five principles of effective financial education described in the June 2017 report issued by the federal Consumer Financial Protection Bureau titled “Effective financial education: Five principles and how to use them.” Grant awards will be announced for a two-year period covering two consecutive fiscal years (2026-27 and 2027-28). Funds for each fiscal year are disbursed separately, and any unexpended funds must be returned to the DFPI. Disbursement of funding for the second fiscal year is contingent on submission of a satisfactory annual report. Grantees may use no more than 15 percent of the grant to cover administrative (indirect) costs. Failure to comply shall render the Applicant ineligible for a grant during the subsequent fiscal year and until the noncompliance is corrected. A grantee may subcontract services that it has agreed to provide under the grant agreement, so long as those services are conducted on behalf of the grantee. Subcontract arrangements must be clearly described in the scope of work and budget. Accepting grant funds with the intent of distributing those funds to other nonprofit organizations (i.e. sub-grants or fiscal sponsorship) is not allowed. Grant funding may not be used for financial incentives for individuals. Prohibited incentives include, but are not limited to, match funding for savings accounts, participant stipends, or gift cards with a cash value. Grantees are required to submit quarterly and final annual reports, in a form and by a date specified by the Commissioner of Financial Protection and Innovation, documenting: 1) The specific uses to which grant funds were allocated, 2) The specified required data elements, 3) Quantitative results regarding the impact of grant funding, and 4) Any other information requested by the Commissioner. Failure to submit satisfactory reports shall render the Applicant ineligible for any DFPI grant during the subsequent fiscal year and until the required report is submitted.

Funding geography: CalMoneySmart grant funds may only be used to serve residents of California. Applicants headquartered outside the state are eligible to apply but must provide documentation demonstrating good standing to conduct business both in California and in their home state.

Funding instrument: Grant. Issuing jurisdiction: California. This is not a geographic eligibility determination.