Formula 1(R) commits $500,000 to North Miami Dade Community Fund In Support Of Small Business Owners In Miami Gardens

Miami Gardens, FL-

The North Miami Dade Community Fund (“CFNMD”), a subsidiary of
Opa-Luca Community Development Corporation (OLCDC), announced today
that Formula 1 has
Committed to providing a grant of up to $500,000 to support
entrepreneurs who own small businesses in Miami Gardens. With this
scholarship, CFNMD will be able to provide more loans to small
business owners who need it most. The grant is specifically for Miami
Gardens residents and businesses, 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 has also received
$100,000 in additional support from the Truist Foundation. .

“With Miami Gardens home to more than 110,000 residents, nearly 6,000
businesses, and a population of approximately 70% African American and
20% Hispanic, the Formula 1 scholarship is guaranteed to maximize
impact in helping small group-owned businesses. Historically
disadvantaged, as stated by Dr. Willie Logan, President and CEO of
Opa-Luca Community Development, the parent company of CFNMD.

Furthermore, CFNMD is the perfect organization to distribute the funds
because according to Lia Yaffar, CEO of CFNMD, “CFNMD is a certified
Community Development Financial Institution (CDFI). We are committed
to providing access to capital for underserved companies and are laser
focused on helping communities and entrepreneurs. Colorful to thrive.
The great thing about what we do is that we not only get paid, but act
as partners for the businesses we serve and provide additional layers
of support and technical assistance to help them grow.”

“The partnership between City of Miami Gardens and Formula 1 continues
to benefit 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 North Miami-Dade Community Fund.
The availability of resources is beneficial to our business, and this
enhances the quality of Life is for our residents, and it is an
opportunity that we gladly welcome,” commented Honorable Rodney
Harris, Mayor of Miami Gardens, Florida.

Jeff Fox

Jeff Fox

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