[MIAMI GARDENS] – The Community Fund of North Miami Dade (“CFNMD”), a subsidiary of the Opa-locka Community Development Corporation (OLCDC), announced today that Formula 1 has committed to provide a grant of up to $500,000 to support entrepreneurs who own small businesses in Miami Gardens.
With this grant, CFNMD will be able to make more loans to the small business owners who need them most. The grant is specifically reserved for residents and businesses in Miami Gardens and is in recognition of the 10-year relationship between the City of Miami Gardens and Formula 1.
The Formula 1 Miami Gardens Small Business Loan Program also received $100,000 in additional support from Truist Foundation.
Financial Boost to Underserved Groups
“Because Miami Gardens has over 110,000 residents, close to 6,000 businesses, and a population that is close to 70% African American and 20% Hispanic, Formula 1’s grant is guaranteed to have maximum impact in helping small business owned by historically underserved groups, such as women, African-Americans and Hispanics,” stated Dr. Willie Logan, President and CEO of Opa-locka Community Development Corporation, the CFNMD’s parent company.
Access to Capital
Moreover, the CFNMD is the perfect organization to get the money distributed because according to Lia Yaffar, CFNMD’s Executive Director, “CFNMD is a certified Community Development Financial Institution (CDFI). We are dedicated to providing access to capital to underserved businesses and we are laser-focused on helping communities and entrepreneurs of color thrive. The great thing about what we do is that we don’t just get the money out, we act as partners to the businesses that we service and offer additional layers of support and technical assistance to help them grow,” concluded Yaffar.
Beneficial to Miami Gardens
“The partnership between the City of Miami Gardens and Formula 1 continues to be beneficial to our community. 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. The availability of resources is beneficial to our businesses, and that enhances the quality of life for our residents, which is an opportunity we gladly welcome,” commented the Honorable Rodney Harris, Mayor, City of Miami Gardens, Florida.