By Ashley Garrett, South Florida Business Journal
International racing’s most prestigious class of motorsports has pledged a major donation to support small businesses in Miami-Dade County.
Formula One committed a grant of up to $500,000 to support entrepreneurs in Miami Gardens. The funding will go to the Community Fund of North Miami Dade, a subsidiary of the Opa-locka Community Development Corp., to provide more loans to small business owners. The grant is specifically reserved for residents and businesses in Miami Gardens in recognition of the 10-year relationship between the City of Miami Gardens and Formula One.
The Formula One Miami Gardens Small Business Loan Program also received $100,000 in additional support from the Truist Foundation, which bestows direct grants to nonprofit organizations.
Miami Gardens has over 110,000 residents, nearly 6,000 businesses, and a population that is close to 70% African American and 20% Hispanic, meaning the grant from Formula One is “guaranteed to have maximum impact in helping small businesses owned by historically underserved groups,” said Willie Logan, president and CEO of Opa-locka Community Development Corp.
“We are dedicated to providing access to capital to underserved businesses and we are laser-focused on helping communities and entrepreneurs of color thrive,” said Lia Yaffar, executive director of CFNMD.
As a certified Community Development Financial Institution, CFNMD is a mission-based lender that provides loans, counseling, and technical assistance to entrepreneurs and small businesses in low-income communities across Miami-Dade, Broward, and Palm Beach counties. The fund was established in 2002 to support the work of the Opa-locka Community Development Corp.
“The partnership between the City of Miami Gardens and Formula One continues to be beneficial to our community,” said Miami Gardens Mayor Rodney Harris. “I am pleased that the organization remains committed to investing in our local businesses by making resources more accessible to them through the Community Fund of North Miami Dade.”
Formula One made its debut in Miami in May with the inaugural Crypto.com Miami Grand Prix on the campus of the Dolphins’ Hard Rock Stadium. The three-day event, which was projected to have a $400 million economic impact, drew more than 240,000 attendees.