The Silicon Valley Community Foundation has announced grants totaling $1.2 million to eleven nonprofits working to help more than five thousand low- and moderate-income individuals learn how to save and gain access to financial management programs.
Nonprofits in San Mateo and Santa Clara counties will receive grants ranging from $50,000 to $150,000 to increase the availability of financial education and coaching programs that provide participants with incentives to save for the future and make financial decisions that increase their economic security. Grantees include Self-Help Economic Development, which was awarded $150,000 to support a credit union in East San Jose that promotes financial stability and provides access to capital and asset-building programs for immigrant families, and the San Jose-based Opportunity Fund, which will receive $150,000 for its matched savings program.
In addition, the San Francisco-based Earned Asset Resource Network was awarded $125,000 to expand its financial coaching program, which helps low-income clients adopt new financial behaviors.
"We need to help people learn to manage money, evaluate complex financial options, and start setting aside something for emergencies," said SVCF president and CEO Emmett D. Carson. "These grants will help nonprofits provide and extend those services to immigrants, low-income families, students, and others who are not part of the financial mainstream. Our goal is to increase the economic security of those in our region who are least secure."