CalMoneySmart Grant Program is sponsored by California Department of Financial Protection and Innovation. Provides funding to nonprofits offering free financial education and empowerment programs to individuals experiencing financial insecurity in California.

CalMoneySmart Grant Program - DFPI CalMoneySmart Grant Program The CalMoneySmart program provides annual grants of up to $200,000 per program year to nonprofit organizations to provide financial education and empowerment programs and services for unbanked and underbanked Californians.

CalMoneySmart was established in 2019 when Governor Gavin Newsom signed Senate Bill 455 , creating a $4 million grant fund for nonprofit organizations focused on unbanked and underbanked Californians. In 2021-22, Assembly Bill 137 added $10 million to the fund, raising the annual grant total to $2 million and the maximum award to $200,000 per fiscal year through 2030.

The Federal Deposit Insurance Corporation (FDIC) defines unbanked households as those without a checking or savings account, and underbanked households as those that use alternative financial services (AFS). These services include check cashing, money orders, payday loans, pawn loans, auto-title loans, rent-to-own services, international remittances, or refund-anticipation loans.

According to the FDIC’s 2023 National Survey of Unbanked and Underbanked Households , 4. 2 percent of American households were unbanked, and an additional 14. 2 percent of households were underbanked.

California’s unbanked rate is slightly higher than the national average at 5. 1 percent. Unbanked households have disproportionately lower incomes and levels of education than banked households.

Black and Hispanic households, single mothers, working-age adults with a disability, and immigrants are also disproportionately represented among the unbanked. Due to limited credit access, these households often pay higher fees for basic financial services and face barriers to saving, building credit, and accumulating wealth.

Financial education programs, like those funded by CalMoneySmart, are cost-effective means to improve both financial knowledge and financial behaviors that promote stability, protect consumers, and generate wealth (Kaiser, FINRA Foundation, 2022 ).

Individualized counseling and access to free financial products further support participation in mainstream financial services, asset building, and developing habits to increase financial well-being.

Over the past five years, community-based nonprofit organizations receiving CalMoneySmart funding have used diverse and innovative approaches to support and educate underserved Californians, helping them build better futures for themselves and their families.

CalMoneySmart Grant Program Over the Years CalMoneySmart 2023-2024 Annual Report (PDF) CalMoneySmart 2022-2023 Annual Report (PDF) CalMoneySmart 2021-2022 Annual Report (PDF) CalMoneySmart 2020-2021 Annual Report (PDF) Important Grant Information To be eligible for a grant, an Applicant must meet the following criteria: The Applicant is exempt from federal income taxes under Section 501(c)(3) of the Internal Revenue Code and is organized and operated exclusively for one or more of the purposes described in Section 501(c)(3) of the Internal Revenue Code; and No part of the net earnings of the Applicant shall inure to the benefit of a private shareholder or individual.

The Applicant must be in good standing with the Secretary of State of California and the state of the Applicant’s incorporation, if applicable. Submission of a satisfactory final report for any and all prior grant funding awarded by DFPI. CalMoneySmart offers 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. 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 June 2017 report issued by the federal Consumer Financial Protection Bureau titled Effective financial education: Five principles and how to use them.

These five principles are: Know the individuals and families to be served Provide actionable, relevant and timely information Improve key financial skills Make it easy to make good decisions and follow through. Grant recipients must demonstrate positive benefit for at-risk populations.

To this end, grant recipients must provide the following: 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. Include specific outcome targets for financial education workshops, one-on-one counseling, and/or financial products.

Grant awards will be announced for a two-year period covering two consecutive fiscal years. Funds for each fiscal year are disbursed separately and any unexpended funds for the first year 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 with this requirement shall render the Applicant ineligible for a grant during the subsequent fiscal year and until the noncompliance is corrected. Administrative costs proposed by each Applicant should be in proportion to the Applicant’s total grant amount requested.

Administrative (indirect) costs may include, but are not limited to, costs of workforce overhead, human resources, accounting, finance, business and facility operations, and information technology. General liability and auto insurances are required, but they are not an eligible expense.

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 (e.g. 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 preliminary and final annual reports, in a form and by a date specified by the Commissioner of Financial Protection and Innovation, documenting: The specific uses to which grant funds were allocated, The number of individuals aided through use of funds, Quantitative results regarding the impact of grant funding, and 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. Thank you for your interest in the CalMoneySmart grant program. The CalMoneySmart 2026-28 grant program will begin accepting applications from March 30, 2026 through April 27, 2026 .

Prospective applicants are encouraged to check the CalMoneySmart webpage for updated announcements and additional resources. To submit an application, visit grants. dfpi.

ca. gov or click the “DFPI Grants Portal” button below. The Grants Team will host two CalMoneySmart 2026-28 Q&A Sessions during the application period.

We strongly encourage attendance by all prospective applicants to learn more about program eligibility, requirements, and how to apply using Submittable, our new grants management software. Use the links below to register: CalMoneySmart 26-28 Q&A Session #1: April 9th, 2026 (11AM – 12PM PDT) CalMoneySmart 26-28 Q&A Session #2: April 16th, 2026 (11AM – 12PM PDT) Receive financial alerts, insights, and tips for improving your wealth.

Frequently Asked Questions (FAQ) Announcements and Resources Grant Award Announcements CalMoneySmart 2024-26 Award Announcement CalMoneySmart 2023-24 Award Announcement CalMoneySmart 2022-23 Award Announcement CalMoneySmart 2021-22 Award Announcement CalMoneySmart 2020-21 Award Announcement Consumer Financial Protection Bureau’s Five Principles for Effective Financial Education CalMoneySmart Online Q&A Slide Presentation For more information about the CalMoneySmart program, please email [email protected] .

Last updated: Mar 20, 2026 @ 11:53 am