State Grant To Educate Underbanked

Center for Living and Learning, a nonprofit in Van Nuys, was awarded a $100,000 grant from the California Department of Financial Protection and Innovation.

Earlier this month the department announced nearly $2 million in grants to nonprofit organizations that support financial education programs for unbanked and underbanked consumers. After announcing the second annual round of CalMoneySmart grants in April, the department received 94 proposals from state and national nonprofits and ultimately awarded funds to 22 nonprofits this month, including Center for Living and Learning, which focuses on helping disadvantaged person gain steady employment.

Other nonprofits serving L.A. County that were awarded funds include Haven Neighborhood Services, Lutheran Social Services of Southern California, and Mission Asset Fund. Awards ranged from $10,000 to $100,000. 

“We are grateful for the tremendous work of our community partners, whose financial coaching and financial literacy programs have helped Californians work through the economic insecurity caused by the COVID-19 pandemic,” Lourdes Castro Ramírez, the state’s Business, Consumer Services and Housing Secretary said in a statement. “It’s their work that helps underscore the importance of the CalMoneySmart program as we work together to provide every resident with the tools they need to succeed.”

Funds may be used to offer free financial coaching or educational content or services intended to help unbanked and underbanked consumers access lower-cost financial products and services, establish or improve their credit, increase their savings, or lower their debt. Grant-funded projects must adhere to effective financial education standards and enhance the economic security of its consumers.

 The state funding was authorized by Gov. Gavin Newsom in October 2019 in Senate Bill 455, which established the Financial Empowerment Fund. 

“After a tremendous response to the CalMoneySmart grant program in its first year, we are excited to continue supporting organizations financially empowering vulnerable Californians,” Department of Financial Protection and Innovation Acting Commissioner Christopher Shultz said in a statement. “These organizations will work to ensure an equitable economic recovery from the COVID-19 pandemic for all Californians.”