CalMoneySmart 2026-2028 Grant Program is sponsored by California Department of Financial Protection and Innovation (DFPI). CalMoneySmart aims to advance financial empowerment for unbanked and underbanked Californians by investing in nonprofit organizations that deliver free, high-quality financial education and related services.

Funds can be used for designing, developing, or offering financial education content, providing financial coaching, or developing financial products/services to help targeted populations access lower-cost financial products, improve credit, increase savings, or lower debt. While not a direct small business grant, fintechs partnering with eligible nonprofits could be involved.

CalMoneySmart 2026-2028 Grant Program - California Grants Portal CalMoneySmart aims to advance financial empowerment for unbanked and underbanked Californians by investing in nonprofit organizations that deliver free, high-quality financial education and related services.

The program equips nonprofits with grants of up to $200,000 per year to help reduce socioeconomic disparities, improve access to safe and affordable financial products, and ultimately promote greater financial security statewide.

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. 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. 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. The date (and time, where applicable) by which all applications must be submitted to the grantmaker. Time listed as “00:00” equates to midnight.

Expected award announcement The date on which the grantor expects to announce the recipient(s) of the grant. The length of time during which the grant money must be utilized. Total estimated available funding The total projected dollar amount of the grant.

Expected number of awards A single grant opportunity may represent one or many awards. Some grantors may know in advance the exact number of awards to be given. Others may indicate a range.

Some may wish to and wait until the application period closes before determining how many awards to offer; in this case, a value of “Dependent” will display. Estimated amount per award Grant opportunities representing multiple awards may offer awards in the same amount or in varied amounts.

Some may wish to wait until the application period closes before determining per-award amounts; in this case, a value of “Dependent” will display. Letter of Intent Required? Certain grants require that the recipient(s) provide a letter of intent.

Requires Matched Funding? Certain grants require that the recipient(s) be able to fully or partially match the grant award amount with another funding source. A maximum grant amount of up to $400,000 ($200,000 each program year) is available for successful grantees.

The funding source allocated to fund the grant. It may be either State or Federal (or a combination of both), and be tied to a specific piece of legislation, a proposition, or a bond number. Governor Gavin Newsom signed Senate Bill 455 (Bradford) in October 2019, which created the Financial Empowerment Fund to fund the CalMoneySmart program.

In 2021-22, Assembly Bill 137 expanded the Financial Empowerment Fund by an additional $10 million, increasing the annual amount available for grants to $2 million with a maximum grant award to $200,000 per fiscal year until the CalMoneySmart program sunsets on January 1, 2030. The manner in which the grant funding will be delivered to the awardee.

Funding methods include reimbursements (where the recipient spends out-of-pocket and is reimbursed by the grantor) and advances (where the recipient spends received grant funds directly). State agencies/departments recommend you read the full grant guidelines before applying. For questions about this grant, contact: DFPI Grants Team, 1-213-264-6668, grants@dfpi.

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