International Paralympic Committee (IPC) partner Procter & Gamble (P&G) has launched the Athletes for Good Fund.
The joint initiative with P&G, the IPC and the International Olympic Committee (IOC) is set to award 52 grants worth $10,000 (£7,800/€8,600) each.
Each grant will support an athlete’s charitable cause in areas of equality and inclusion, environmental sustainability and community impact.
Athletes who are qualified, or attempting to qualify, for next year's Olympic and Paralympic Games in Tokyo are eligible for the grants.
Applications close on October 6.
A description of the Athletes for Good Fund revealed it was inspired by the work carried out by athletes during the coronavirus pandemic.
"This has been an unprecedented year, with people across the globe confronting very real challenges as well as the deferment of dreams big and small," P&G said.
"The response we have seen from athletes around the world - from promoting causes to help with food distribution and fundraising for COVID-19 relief, to working with organisations on anti-racism education - has shown us what it means to lead with love in trying times."
Para table tennis player Kim Daybell is among the first recipients of the Athletes for Good Fund.
The Briton was due to begin full-time training for Tokyo 2020, but instead returned to work managing COVID-19 patients in a hospital in London.
His story was documented in the P&G campaign "The Measure of Greatness", which portrays athletes who have spent the global health crisis serving others.
In July, P&G secured marketing rights to the IPC and Paralympic Games for the first time.
The agreement is part of an extended eight-year agreement with the IOC, which sees Olympic sponsors granted similar rights for the Paralympics.