DFPI Awards Nearly $2 Million in Grants for Financial Education and Empowerment Programs

DFPI Awards Nearly $2 Million in Grants for Financial Education and Empowerment Programs

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SACRAMENTO – The California Section of Financial Defense and Innovation (DFPI) these days announced the award of nearly $2 million in CalMoneySmart grants to nonprofit companies through California to support no cost monetary training and empowerment systems, which includes world wide web and classroom-based written content and individualized coaching, for unbanked and underbanked individuals.

The DFPI launched the 3rd round of CalMoneySmart grants in April 2022 and received 128 grant proposals from point out and national nonprofits by the end of the software interval. A committee reviewed, analyzed, and scored each individual grant proposal on eligibility and program efficiency, and advisable awarding grant pounds to 12 nonprofits.

“We are humbled by the impactful do the job of our group companions, whose money literacy and coaching applications have served Californians navigate latest economic difficulties amplified by a world pandemic and systemic inequities,” stated Small business, Buyer Products and services and Housing Secretary Lourdes Castro Ramírez. “And we are proud to announce a new round of resources to CalMoneySmart recipients. The CalMoneySmart method is an significant resource as we perform alongside one another to present our communities with the resources they need to have to uncover economic stability.”

CalMoneySmart grant recipients who had been awarded grants through the first two rounds of funding have used the funding to make financial coaching applications, financial training curriculum, and deliver economic products and services aimed at expanding accessibility to economical solutions for unbanked households in the course of California.

“Following the results of the CalMoneySmart grant method in its initially two many years, we are energized to carry on supporting corporations fiscally empowering vulnerable Californians,” claimed DFPI Commissioner Clothilde Hewlett. “These organizations will perform to assure financial prospect and equity for all Californians.”

Gov.  Gavin Newsom authorized the CalMoneySmart plan when he signed Senate Bill 455 by Sen. Steven Bradford, D-Gardena, in October 2019. The invoice set up a $4 million Fiscal Empowerment Fund from which the application will award grants up to $100,000 and a most of $1 million per year. In July 2021, The Economic Empowerment Fund gained an further $10 million in money in the 2021-22 state funds, expanding the greatest grant award to $200,000 and the yearly amount obtainable to $2 million.

The 2022-23 CalMoneySmart grantees characterize communities and monetary instruction nonprofits all over the California, serving unbanked homes across 27 counties. A entire checklist of recipients and grant amounts for this fiscal year (2022-23) is provided down below.

Extra info about the CalMoneySmart grant application can be discovered at https://dfpi.ca.gov/calmoneysmart/. For thoughts, comments please contact [email protected].