Grants to Washington Nonprofits and Local Governments to Develop Programs that Improve the Financial Literacy of Modest-Income Residents

WA Asset Building Coalition Program

Agency

State

GrantWatch ID#

155102

Funding Source

Washington State Department of Commerce

Geographic Focus

USA: Washington

Important Dates

Deadline: 09/22/23 5:00 PM PT

Grant Description

Grants to Washington nonprofit organizations, local governments, and tribes to develop programs that assist low- and medium-income residents in improving their finances. Grantees will partner with agencies, housing groups, and financial institutions to provide services that help residents increase financial literacy, build assets, and expand access to homeownership, education, small business development, and other opportunities.

Commerce is initiating this RFA to solicit proposals from those qualified and interested in grant funding to identify asset-building practices and services across the state. Asset-building activities under this grant are defined as supporting actions that improve the financial savvy, behaviors, and decisions of low and moderate income people while also increasing access to opportunities such as homeownership, education, and small business development.

The desired outcome of these funds will be to support expansion of local asset building work. Multi-county collaborations are encouraged. Broadly the goal is provide opportunities for low and moderate income Washingtonians to access programs that assist them in building assets. Funded activities will align with Prosperity Now’s Household Financial Security Framework. Such activities could include:

Planning, organizing, initiating and/or increasing the capacity of local asset building coalitions to improved asset building policies and services;
Marketing, training, and coordinating financial education, counseling, and planning to target groups
Promoting savings and banking, safe and affordable financial products and services, homeownership, small business start-up, and educational opportunities that result in increased skills leading to higher-wage jobs, such as apprenticeship programs
Foreclosure prevention and mortgage refinancing
Providing assistance to repair credit and debt problems and improve bank account and savings rates for low income households

Due to the great value and return on investment of promoting the Earned Income Tax Credit, it is expected that every funded coalition be engaged in a local EITC outreach campaign and facilitate or support a Volunteer Income Tax Assistance (VITA) site or AARP Tax-Aide site in their service area. It is also expected that coalitions provide financial literacy services within their service area or ensure the services are available in their community.

Recipient

Additional Eligibility Criteria

Any member organization may serve as the lead agency/fiscal agent for managing and administering the grant funds for the local Asset Building Coalition. Nonprofit, local government, Tribe or Tribal organizations are eligible applicant leads for local Asset Building Coalitions. Coalitions typically include financial institutions, community action and social service agencies, housing and micro-enterprise groups, United Ways, foundations, and government organizations.

Minimum qualifications include:
Licensed to do business in the State of Washington or submit a statement of commitment that it will become licensed in Washington within thirty (30) calendar days of being selected as the Apparently Successful Applicant. The agency must also be registered and maintain their status as a nonprofit corporation with the Secretary of State’s Office of any Tribe recognized as such by the federal government.

Only one lead agency will be funded per county or service area. Commerce expects that not every Washington county may have a funded local Asset Building Coalition.

Ineligible

Specific restrictions apply to contracting with current or former state employees pursuant to chapter 42.52 of the Revised Code of Washington. Applicants should familiarize themselves with the requirements prior to submitting a proposal that includes current or former state employees.

Pre-Application Information

Applications must be received by the RFA Coordinator no later than 5 pm, Pacific Time, on September 22, 2023.

Timeline (subject to revision):
- Issue Request for Applications Aug. 21, 2023
- Question & answer period Aug. 21 – August 31, 2023
- Answers issued no later than Sep. 1, 2023
- Applications due Sep. 22, 2023
- Evaluation Sep. 25-Oct. 13, 2023
- Conduct virtual presentations with finalists, if required Oct. 10-Oct 11, 2023
- Announce “Apparent Successful Applicant” and send notification via e-mail to unsuccessful Applicants
Oct. 16, 2023
- Hold debriefing conferences (if requested) Oct. 23-Oct 26, 2023
- Negotiate contract Oct. 17 – Oct. 31, 2023
- Earliest date contract may be signed Nov. 1, 2023

Additional Funding Information

Estimated Total Program Funding:

$1,900,000

Number of Grants

COMMERCE may award one or more contract(s) as a result of this RFA.

Estimated Size of Grant

Applications in excess of $160,000 will be rejected.

Term of Contract

Expected time period for contract is November 1, 2023 – June 30, 2025.

Contact Information

Submit the completed application via email to the (sole) point of contact for this RFA:
Tammi Alexander
RFA Coordinator
tammi.alexander@commerce.wa.gov

Questions should be emailed to the RFA Coordinator above.

Grants to Washington Nonprofits and Local Governments to Develop Programs that Improve the Financial Literacy of Modest-Income Residents

WA Asset Building Coalition Program

We have foundations for

We have grants for

Cookies