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Formula One is investing up to $500,000 to support small business owners in Miami Gardens, where its racing events will be held for the next decade.
The program is being administered through the Community Fund of North Miami Dade, a subsidiary of the Opa-locka Community Development Corporation, which matched Formula One’s contribution for a total $1 million grant sum.
Truist Foundation committed another $100,000 to the program to support services, subsidize interest rates and forgive 10% of some loans.
More such programs are in the works, according to Miami Gardens Mayor Rodney Harris. “It’s going to be an exciting time.”
– Jesse Scheckner, Florida Politics