Solano foundation launches grants for Northern California nonprofits to offer financial coaching

Travis Credit Union Foundation said it opened applications Monday for its new financial coaching grants program, intended to increase financial literacy for nonprofit organizations in Northern California.

Each of the three grants being offered includes $30,000 for general operating support and up to $9,000 in professional development for staff. The applications will be accepted through Feb. 8.

Here are the requirements for eligibility:

• Benefit residents of Napa, Solano, Yolo, Contra Costa and Merced counties
• Classified as a public charity.
• Ability to reach diverse communities including those who are underserved or don’t use bank accounts.
• Do not discriminate by race, color, religion, gender, gender expression, age, national origin, disability, marital status, sexual orientation or military status.
• Capacity to allocate time and resources for two staff members to become financial coaches and provide 10 or more one-hour financial coaching sessions to beneficiaries each month.
• Promote participation in the financial coaching grant program and acknowledge funding received from Travis Credit Union Foundation in traditional and social media.

"We believe in the power of financial education to transform lives,” said Damian Alarcon, president of the foundation, in the news release. “This program is about making a tangible difference. By partnering with other nonprofits and ‘training the trainer,’ we aim to create a ripple effect of positive change, ultimately contributing to the financial wellness of the entire community."

Those who apply and are selected as coaches will undergo a comprehensive three- to five-month self-study training through the Credit Union National Association’ (CUNA) Financial Counseling for Empowerment Program (FICEP). Upon completing the course, coaches will be equipped to address a wide range of financial topics, from summarizing saving principles to educating community members about credit reports, credit scores, and wise use of tax refunds, the foundation said.