Magic Johnson offering $100 million in loans to minority owned businesses
By Freska on May 19, 2020
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!