Governor Markell Announces Recipients of the Fifth Annual Financial Literacy Education Fund Grant

At his office in Dover today, Governor Markell announced that 17 Delaware nonprofit organizations will receive a total of $217,600 in grant money from the state’s Financial Literacy Education Fund (FLEF). These grant funds will be used to teach adults and children throughout Delaware the importance of saving, establishing and maintaining a budget, and investing for the future. To make this announcement, Governor Markell was joined by State Bank Commissioner Robert Glen.

Governor Markell established the Financial Literacy Education Fund in 2009 when he signed Senate Bill 108 to require businesses that make short-term consumer loans (payday loans) and car title loans to pay a high-cost loan license fee surcharge of $1,500 annually for each licensed office. Those fees are deposited into the FLEF to fund grants to or contracts with schools or other organizations that provide financial literacy skills to adults and youth in Delaware.

From 2011 through 2014, the first four years of the FLEF grant program, 25 organizations provided financial education to youth and adults in Delaware through a total of $1,623,605 in grants. In 2014, the FLEF awarded $264,000 in funds to 19 organizations. Those 19 nonprofit organizations assisted over 38,500 Delawareans to gain the tools necessary to make sound financial decisions for today, tomorrow and every day in their future. “These organizations continue to make Delaware stronger by providing adults with the knowledge needed to succeed financially and by teaching our youth the importance of making good monetary choices,” said Governor Markell.

The FLEF is administered by the Office of the State Bank Commissioner and the Secretary of State’s Office. Applications for the competitive grants were rated on how they would improve the financial literacy of Delawareans. All schools recognized by the Delaware Department of Education and nonprofit organizations within the State of Delaware that have 501(c)(3) designation by the Internal Revenue Service were eligible to apply. The Fund has one competitive grant cycle per calendar year.


Governor Markell Announces Grant Program to Promote Financial Literacy

Governor Jack Markell has announced the availability of a fifth round of grants to promote financial and economic literacy among Delawareans of all ages through the state’s Financial Literacy Education Fund (FLEF).

“The Financial Literacy Education Fund was established to help Delawareans reach their financial potential through education on how to wisely budget, save, invest, and generally plan for the future,” said Governor Jack Markell. “In the first four years of the program, and through a variety of organizations and teaching methods, hundreds of Delawareans have been given powerful tools to be able to take control of their finances.”

In 2014, 19 organizations throughout Delaware received support through the FLEF. During his administration, Governor Markell has also launched Stand by Me, a partnership with United Way of Delaware that gives Delawareans access to a Personal Financial Coach and a toolkit to navigate the challenges leading to personal financial security.

Non-profit organizations and K-12 schools throughout Delaware are eligible to apply for a total of $215,000 to support programs that meet criteria established by the Office of the State Bank Commissioner and the Department of Education. Funding for the program is derived from a license fee charged to businesses that make high-cost payday loans and car title loans.

Proposals for competitive grants will be considered on the basis of how they improve the financial literacy of Delawareans. The State is particularly interested in funding proactive, preventive, and forward-thinking proposals. Applications for programs and services designed to reach populations or geographic regions within the State that have had limited access to financial literacy programs are encouraged, with special emphasis on reaching out to members of the military, seniors and minority communities.

All schools recognized by the Delaware Department of Education and nonprofit organizations within the State of Delaware that have a 501(c)(3) designation by the Internal Revenue Service are eligible to apply. The Fund has one competitive Program Grant cycle each year. A grants committee will oversee all grant-making.

Grant applications are due by April 15, 2015, and must be completed using the form available at banking.delaware.gov. Forms should be sent to Dawn Hollinger at the Office of the State Bank Commissioner (dawn.hollinger@delaware.gov) along with any attachments. Receipt of grant applications will be confirmed within 3 business days. If applicants do not receive confirmation, they should contact Dawn Hollinger at 302-739-4235 and resubmit their applications.