Closed
California state funding opportunity
CalMoneySmart 2023-24
Department of Financial Protection and Innovation
- Portal ID27380
- StatusClosed
Competitive proposals usually start 6+ weeks out.
Program summary
Synopsis
The CalMoneySmart program awards up to $2 million each year to nonprofits for financial empowerment programs focusing on unbanked and underbanked consumers to access lower-cost financial products and services, establish or improve their credit, increase their savings, or lower their debt. Funds can be used to for free financial education, financial coaching, or financial products or services.
The CalMoneySmart grant program awards up to $2 million per year to eligible nonprofit organizations with a maximum grant award to $200,000 per fiscal year in funding to design, develop, or offer free financial education and empowerment content, provide free financial coaching, or design and develop free financial products or services for unbanked or underbanked households. Black and Hispanic households, single-mothers, working-age households with a disability, and immigrants are also disproportionately represented among the unbanked. Grant funds may only be used for the following financial education and financial empowerment programs and 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 all of the following criteria: 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: 1. Know the individuals and families to be served; 2. Provide actionable, relevant and timely information; 3. Improve key financial skills; 4. Build on motivation; and 5. 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 one or more specific outcome targets. 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. Grantees may use no more than 15 percent of the grant to cover administrative costs. Insurance is required, but it is not an eligible expense. Up to $2 million in grant funds will be awarded in 2023-24, with a maximum grant size of $200,000.
Timeline
Key dates
-
April 24, 2023
Opportunity posted to California Grants Portal -
May 26, 2023
Applications close -
July 2023
Expected award date
Who may apply
Eligibility
Eligible applicant types as published by the awarding agency:
- Nonprofit
- Additional info on eligibility
- To be eligible for a grant, an Applicant must meet the following criteria: 1. 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 2. No part of the net earnings of the Applicant shall inure to the benefit of a private shareholder or individual.
- Geography
- Grant funds must be used to benefit residents of California.
Awarding agency
Additional information
- Agency name
- Department of Financial Protection and Innovation
- Full announcement
- View the full announcement ↗
- Grantor contact
-
1-916-579-8622
Grants@dfpi.ca.gov
Funding
Funding source
- Source
- State
- Funding method
- Other
- Notes
- Senate Bill 455 was signed into law on October 2, 2019 establishing the Financial Empowerment Fund for $4 million. In 2021, Assembly Bill 137 expanded the Fund by an additional $10 million. The annual amount available for grants is $2 million with a maximum grant award to $200,000 per fiscal year until the program sunsets on January 1, 2030. Each fiscal year begins on July 1 and ends on June 30.
Government Grants Consulting
Federal, state, and local grant funding is highly competitive, and the gap between a complete application and a winning one usually comes down to strategy, compliance, and execution. GTC 360° Advisors supports organizations across the entire grant lifecycle — from identifying the right opportunities to managing the award long after it is won. The questions below cover how our grant consulting practice works and the organizations we serve.
What is government grant consulting, and how does GTC 360° Advisors help?
Government grant consulting means guiding an organization through the full grant lifecycle — research, eligibility review, strategy, writing, submission, and post-award compliance. GTC 360° Advisors manages this end to end, pairing grant writers, project managers, financial analysts, and compliance analysts to maximize the odds of an award and keep it in good standing afterward.What types of organizations can GTC 360° Advisors help win grants?
GTC 360° Advisors supports municipalities, state agencies, nonprofits, school districts, tribal governments, higher education institutions, and private companies pursuing grant funding. Clients have included the City of Los Angeles, Texas A&M University, the Montana State University System, Virginia Commonwealth University, and nonprofit partners such as the Walton Family Foundation and Blue Meridian Partners.What federal agencies has GTC 360° Advisors secured funding from?
GTC 360° Advisors has secured funding from agencies including the Departments of Energy, Transportation, Housing and Urban Development, Agriculture, Health and Human Services, Commerce (EDA and NIST), Education, and State, as well as FEMA, EPA, NSF, NIH, HRSA, SAMHSA, and the CDC. The firm has won over $860 million and counting in federal and state contracts and grants for its clients.Does GTC 360° Advisors handle state and local grants, or only federal?
GTC 360° Advisors pursues grant funding at the local, state, federal, and international levels. The firm’s advisor network is positioned in every state to help clients identify and compete for regional and state-level funding in addition to federal opportunities.What is GrantSignal AI, and how does it help find grant opportunities?
GrantSignal AI is GTC 360° Advisors’ AI-powered funding intelligence platform. It aggregates federal, foundation, and other public funding sources into a single dashboard, then uses AI to match opportunities to an organization’s mission, eligibility, and capacity — rather than relying on simple keyword search — and sends alerts as new, winnable opportunities appear.Does GTC 360° Advisors provide grant compliance and post-award management?
Yes. GTC 360° Advisors manages grants through close-out, including compliance with 2 CFR 200 (Uniform Guidance), Davis-Bacon labor standards, Section 3, environmental review requirements, and funder reporting obligations. The firm builds compliance systems and reporting frameworks so clients stay in good standing with federal and state grantors.What is GTC 360° Advisors’ track record on grant applications?
GTC 360° Advisors has historically maintained an 88%-plus win rate on the grant applications it has submitted, including a 100% win rate in 2024 across several highly competitive programs. Recent wins include $180 million in EDA Tech Hubs funding for three consortia and $20 million in EDA Recompete funding for the City of Birmingham, Alabama.Can nonprofits and higher education institutions work with GTC 360° Advisors on grants?
Yes. GTC 360° Advisors regularly supports nonprofits and universities with grant strategy, writing, and administration, including current work with the Walton Family Foundation, Blue Meridian Partners, Texas A&M University, the Montana State University System, and Virginia Commonwealth University.
Working With GTC 360° Advisors
Every engagement is scoped around the organization in front of us — its goals, its deadline, and the internal capacity it already has. Pricing, team assignments, and project milestones are agreed before any work begins, so there are no surprises mid-project. Below are the questions prospective clients and partners ask us most often.
How much does it cost to work with GTC 360° Advisors?
Pricing is customized to the scope, timeline, and budget of each engagement, with both hourly and fixed-fee options available depending on the deliverable. GTC 360° Advisors prices transparently, with no hidden fees for administrative or incidental work, and structures fees so clients gain a full team of senior professionals for less than the cost of a single in-house hire.What is the process for getting started with GTC 360° Advisors?
Engagements typically start with a conversation about your organization’s goals, funding needs, or growth targets, followed by a scoped proposal outlining services, team, and pricing. From there, GTC 360° Advisors assigns team members matched to the work and begins with research, strategy, or capture planning, depending on the engagement.How long does it take to see results from a grant or contract engagement?
Timelines vary by opportunity: some grant or contract cycles run a few months from research to submission, while others (large infrastructure or multi-year programs) take longer and continue through post-award management. GTC 360° Advisors sets clear project timelines and milestones at the start of every engagement so clients know what to expect.Does GTC 360° Advisors work with organizations outside the United States?
GTC 360° Advisors primarily supports U.S.-based government contracts, grants, and business development, but its public affairs and business development services extend internationally through its global partner network for clients running cross-border campaigns.Can I join the GTC 360° Advisors Network as a consultant or subject matter expert?
Yes. GTC 360° Advisors welcomes applications from experienced firms and freelancers who align with its mission and values to join the GTC 360° Advisors Network, giving members access to mutual marketing, referrals, and new client opportunities.How do I contact GTC 360° Advisors to discuss a project?
You can reach GTC 360° Advisors at info@gtc360.com or through the contact form at gtc360.com/join-our-network. The firm typically responds to discuss goals, funding needs, or growth targets and outline next steps for an engagement.
Planning for the next cycle?
Tell us the opportunity and we will come back with an honest read on fit, the partners you would need, and what a compliant submission takes.