The Silicon Valley Community Foundation will be donating more than $1.2 million dollars to charities in the San Mateo and Santa Clara valleys in Callifornia.
The eleven organizations receiving grants focus on helping more than 5,000 low- and moderate-income families learn how to save, gain access to money management programs and achieve financial independence.
The grants range from $5,000 to $50,000 per organization, and are intended to increase the number and availability of financial assistance programs that can provide adults with the incentive to save money and the tools to make financial decisions that will benefit them in the future.
"We need to help people learn to manage money, evaluate complex financial options and start setting aside something for emergencies," said SVCF president and CEO Emmett D. Carson. "These grants will help nonprofits provide and extend those services to immigrants, low-income families, students and others who are not part of the financial mainstream."
Organizations receiving grants from the foundation include the Earned Asset Resource Network, which was given $125,000 to expand its programs providing education on adopting new financial behaviors. Another grantee, Self-Help Economic Development, was awarded $150,000 to support a credit union in East San Jose, California, that provides capital and asset-building programs to immigrant families.
"Our goal is to increase the economic security of those in our region who are least secure," said Carson.
The SVCF was formed in 2006 with the merger of the Peninsula Community Foundation and Community Foundation Silicon Valley, two philanthropic organizations focusing on the Silicon Valley region of Northern California.
As of 2009, the SVCF has awarded more than $250 million in 9,293 grants over its lifetime, including $8.5 million in international grants. It gives, on average, 70 gifts per week, and is ranked number 101 on the Chronicle of Philanthropy’s Philanthropy 400. It also ranks 14th among the nation’s largest foundations in terms of total giving.