CFSI’s New Financial Capability Innovation Fund Now Accepting Proposals

The Center for Financial Services Innovation (CFSI) is pleased to announce the launch of a new grant fund—the Financial Capability Innovation Fund—to support promising nonprofit-led projects designed to help consumers better manage their finances and achieve financial prosperity.

The recent financial crisis has revealed that a new course for financial education has never been more necessary—and consumers themselves have never been more motivated to learn.

Through the Financial Capability Innovation Fund, CFSI will invest in new and improved strategies that not only help consumers increase their knowledge but also help them establish healthy financial behaviors.

Through a competitive request for proposals (RFP) process, CFSI will award $1.25-$1.5 million total to 4-6 promising nonprofit-led projects with the average award size ranging from $200,000-$300,000 per project. CFSI seeks models that are relevant, timely, actionable and ongoing and that are scalable and sustainable in the long run. CFSI is also interested in projects that incorporate behavioral economics concepts, leverage technology, and/or couple new or improved educational tools with financial products/services. CFSI encourages collaborative ventures involving multiple parties.

The Financial Capability Innovation Fund is supported by a collaborative of funders led by the Citi Foundation and also including Bank of America, Capital One, Morgan Stanley, Experian, and Visa Inc.

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.