ESPN's Darren Rovell tweeted the following about the initiative:
Love also appeared on Today Tuesday to further discuss his mission:
The establishment of Love's fund comes on the heels of an article he wrote for The Players' Tribune in March regarding his battle with anxiety and depression.
In that article, Love wrote about experiencing a panic attack during a game against the Atlanta Hawks last season.
Love said he began seeing a therapist after the panic attack, and he urged people to talk about their issues and seek help if they need it.
In July, Love was named to the B/R Power 50 list for smashing "the mental health taboo."
ESPN's Jackie MacMullan reported in August that the National Basketball Players Association is trying to bring in a "comprehensive mental health policy," but there have been sticking points. Among them is the opinion of some owners that they should be granted access to players' medical files, but the league has said it would not be in favour of such a rule.
Love is among those who believe confidentiality should be non-negotiable because players could be dissuaded to seek help otherwise.
The 30-year-old Love is a five-time All-Star and one-time NBA champion who has consistently been among the NBA's best big men throughout his career.
With LeBron James now a member of the Los Angeles Lakers, Love will shoulder much of the burden for the Cavs in their attempts to remain in the Eastern Conference playoff picture.