Magic Johnson offering $100 million in loans to minority owned businesses

By Freska on May 19, 2020
WEST HOLLYWOOD, CALIFORNIA – MARCH 03: Earvin Magic Johnson attends Manuela Testolini And Eric Bent Present An Evening Of Music, Art And Philanthropy Benefiting In A Perfect World Honoring Prince – Arrivals at The Jeremy Hotel on March 03, 2019 in West Hollywood, California. (Photo by Leon Bennett/Getty Images)

Former Laker and basketball star Magic Johnson is offering $100 million in loans to minority and women owned companies that have been struggling financially due to the stay at home orders because of COVID-19.  Magic Johnson Enterprises partnered with MBE Capital Partners.  The loans were funded through Johnson’s EquiTrust Life Insurance Company and will be provided through the Small Business Administration’s Paycheck Protection Program.  Magic added, “We have to remember these businesses have been in urban communities for a long time.  They’ve been doing great things, and they probably didn’t have a relationship with the banks when the stimulus package went out.  So now, we’re able to say, ‘Hey, you can have a relationship with us.”  Awesome job Magic!

For more details on this story click here.