Silicon Valley Community Foundation Awards $1 Million to Help Area Residents Build Assets
March 10, 2009 — The Silicon Valley Community Foundation has announced seven grants totaling $934,000 to create and expand financial education programs that will help lower-income residents in San Mateo and Santa Clara counties build financial assets for the future.
The grants will be used to help expand the number of groups providing asset-building assistance and ultimately increase the number of individuals who receive financial education and coaching on how to claim earned income tax credits and open savings accounts. The awards include $179,000 to EARN for training related to behavioral changes that can help people save money; $175,000 to the Corporation for Enterprise Development to help launch a new online marketplace where donors can contribute to matched savings accounts for area residents; and $122,000 to Project Read to expand its literacy program by including financial assessments, monitoring, and coaching.
"In the midst of a recession, it is critical for us to invest in programs that offer residents in our communities financial education and savings incentives so they can better handle serious setbacks such as a car breaking down or the loss of a job," said SVCF president and CEO Emmett D. Carson. "We also need to support innovative ideas that will help more people gain the knowledge and practices they need to put them on better financial footing."
