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Nonprofit organizations are invited to apply for up to $200,000 per program year in grant funding ($400,000 total) to provide financial education and empowerment services for unbanked and underbanked Californians. The CalMoneySmart Grant Program is designed to improve financial knowledge and financial behaviors that promote stability, protect consumers, and generate wealth. Applications are due April 27, 2026.

What is the program’s purpose?

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. 

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. 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.

Who is eligible to apply?

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.

What are the eligible grant funding uses?

CalMoneySmart 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, and adhere to the Five Principles of Effective Financial Education outlined by the federal Consumer Financial Protection Bureau. These five principles are:

• Know the individuals and families to be served;
• Provide actionable, relevant and timely information;
• Improve key financial skills;
• Build on motivation; and
• Make it easy to make good decisions and follow through.

What is the funding availability?

 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.

Applicants may apply for up to $200,000 per year (FY 2026-27) and (FY2027-28), for a total maximum award of $400,000. Proposals may include administrative (indirect) costs of no more than 15% of the proposed project. There are no minimum grant amounts, but applicants should apply for the funding required to implement their proposed project and no more. Applicants may receive less funding than their requested amount.

What is the application process and timeline?

The CalMoneySmart 2026-28 grant application is open through April 27, 2026. Awards will be announced in July with funds dispersed in early Fall 2026.

For more information on this grant or how to apply with Morrison’s assistance, please contact the Morrison Grants Team by email at grants@morrisonco.net or call us at 530-893-4764.