CALIFORNIA — The California Department of Financial Protection and Innovation (DFPI), through its CalMoneySmart program, is awarding grants of up to $200,000 per year to eligible nonprofits to support programs tailored to unbanked and underbanked Californians.

In California, an estimated 5% of households were unbanked in 2021, meaning they did not have a checking or savings account. That represented roughly 655,000 households statewide.

According to DFPI, these households have disproportionately lower incomes and levels of education than banked households.

They often face high fees for basic financial services, making it harder to save, build credit, and accumulate wealth.

Grants for free financial education programs

CalMoneySmart grants are awarded to eligible nonprofits to support free financial education and empowerment programs.

Funded projects may include classroom-based or online financial education, one-on-one financial coaching, or the development of free financial products and services.

The goal is to help Californians access lower-cost financial services, improve credit, increase savings, and reduce debt. All projects must promote economic security and follow effective financial education principles.

Over the past several years, CalMoneySmart has supported community-based organizations across the state, serving tens of thousands of residents.

Caravanserai Project, a nonprofit in the Inland Empire, was awarded $50,000 during the last grant cycle. 

Its FinSmart program served 74 participants and delivered 14 financial education workshops in English and Spanish. 

Participants also received one-on-one financial coaching. Many created financial plans, adopted accounting practices, accessed financial resources to grow their businesses, and expanded their personal financial knowledge.

Next application period expected to open in early 2026

Established in 2019, the CalMoneySmart program was created when Governor Gavin Newsom signed Senate Bill 455, establishing a $4 million grant fund.

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 until the program sunsets in 2030.

The next application period is expected to open in early 2026.

For more information, visit https://dfpi.ca.gov/consumers/grant-programs/calmoneysmart/