Heat’s Udonis Haslem and FTX giving $100,000 to help minority-owned Miami businesses
For the first time, three-time NBA champion and Miami Heat veteran Udonis Haslem is teaming with cryptocurrency exchange FTX US to support small business owners of color with $100,000 of financial help.
The Udonis Haslem Foundation announced its partnership with FTX Monday to provide grants of $50,000 to two Miami minority-owned small companies. FTX has its name on the Heat’s county-owned arena, after acquiring the naming rights last year in a 19-year deal with local officials worth $135 million.
A native of Liberty City, Haslem cited gentrification in similar neighborhoods like Overtown and Miami Gardens as a reason for his decision to offer these grants now. While he is fond of Wynwood’s commercial emergence as an arts district, he remembers how different the area was just a decade ago.
“You’re bringing in bigger chains and the businesses that have survived in these communities for a long time have a different kind of competition,” said Haslem, who has spent each of his 19 NBA basketball seasons with the Heat. “They don’t have access to business plans and marketing and the financial backing (needed) to sustain in gentrified areas.”
Having a genuine connection with members of the community is one way Haslem has become a role model throughout Miami. He was candid about still being able to walk anywhere he wants in the city without security. It is that kind of attitude that allows him to best understand the needs of small business owners of color.
“I don’t have to read about what people are going through or be on Instagram,” he said. “When I’m not working, I still have family, my grandmother and my homeboys (in the community). I’m still ten toes down with the people. For me, the easiest way to understand the needs for what’s going on is being there with them.”
To be eligible for the grants, businesses have to be at least 51% owned by women or people of color, have fewer than 500 employees, be in the retail or hospitality industries and be willing to integrate cryptocurrency as a method of payment. Also, the companies must have been actively operating for at least 12 months and show proof of annual revenue of at least $1 million.
Applicants will be expected to create a video pitching their businesses, why they should receive grant funding, how they would use the money and how it would benefit them overall. Eligible businesses can apply through an online portal https://www.udcares.org/smallbusiness. The two grant winners will be announced in August.
As a Black small business owner, Haslem understands the challenges small business owners of color face and wants to be as hands-on as possible in supporting and mentoring them.
Providing them with financial help is only the first step. The Udonis Haslem Foundation and FTX will connect with the winning businesses every three months to see how the grants are helping them.
This story was originally published April 18, 2022 at 10:42 AM.
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