What We Do | Grantees

CFSI has launched a new grant fund to support promising nonprofit-led projects designed to help consumers better manage their finances and achieve financial prosperity. To learn more about this funding opportunity and to download the RFP which details CFSI’s funding priorities, criteria, timeline, and process, visit www.cfsinnovation.com/financialcapability. The deadline to submit a proposal is Wednesday, October 13, 2010 at 11:59PM.

Since its inception in 2004, CFSI has provided more than three and a half million dollars in grants and investments, in addition to working to develop broader investment syndicates. All of its funding projects share the common goal of having potentially broad industry acceptance and measurable impact. CFSI has also competitively awarded seed funding to efficiently advance targeted innovation. In CFSI's experience, it has been demonstrated that even small sums of money can bring about big change and generate valuable lessons on how to better serve underbanked consumers in ways that are responsible for the consumer and sustainable for the service provider.

With direct access to and trusted relationships with underbanked consumers, nonprofit organizations are uniquely positioned to help advance the financial services marketplace in serving this important consumer segment. Through its 2008 Nonprofit Opportunities Fund (supported by The Walmart Foundation), CFSI provided grants to five groundbreaking nonprofit-led projects that tested new transactional, savings, or credit products, marketing approaches, distribution channels, or risk management strategies. All involved partnerships between nonprofit organizations and other financial services providers. The Fund Overview describes the five projects, their outcomes, and lessons on how nonprofit and financial services organizations can help put underserved consumers on a path to financial prosperity. For details about specific projects, see the individual Learning Briefs.

In 2010, CFSI launched the Financial Capability Innovation Fund, a new grant fund to support ground-breaking nonprofit-led projects designed to promote the financial capability of lower-income, underserved consumers. In September, CFSI issued a request for proposals to identify the most promising solutions through a competitive review process. The Financial Capability Innovation Fund is supported by a collaborative of funders led by the Citi Foundation and also including Bank of America, Morgan Stanley, Experian, Capital One Financial Corporation and Visa Inc. The Fund will be advised by a council comprised of funders as well as a number of other thought-leaders and experts including the National Endowment for Financial Education (NEFE).

Our current list of grantees include:

For more information on our grantees, please contact Sarah Gordon at sgordon@cfsinnovation.com.