Magic Johnson says his company will provide $100 million in loans to aid minority small businesses

Earvin “Magic” Johnson would like to assist minority owned small businesses affected by the coronavirus pandemic, according to the Wall Street Journal.

Magic Johnson is committed to minority small businesses

The basketball sensation turned entrepreneur told the Journal that his EquiTrust Life Insurance Company will provide $100 million to fund loans through a federal program.

Equitrust will join with MBE Capital Partners, a lender that specializes in financing minority and women-owned companies.

How the loans work

Johnson’s investment will fund loans for about 5,000 companies that the Small Business Administration’s Paycheck Protection Program approved with the help of MBE, according to the report.

“What we’re launching here now is so important because we’re going to save a lot of small, minority businesses because they can’t just walk into the bank and get that loan,” Johnson told The Journal.

Photo: Magic Johnson Facebook