Magic Johnson to Help Small Business with $100 Million Loan

Magic Johnson is probably one of the basketball players who went from player to businessman. The coronavirus pandemic has hurt a lot of businesses since people can't open their businesses, if they are not deemed essential. Of course, that is also hurting a lot of jobs. But Magic is stepping up and helping out small businesses in urban communities. According to CNBC, Magic collaborated with MBE Capital Partners to offer $100 million in loans to minority and women-owned companies who have been affected by the stay-at-home orders. The money was funded through Magic's EquiTrust Life Insurance Company. The fund will be provided through the Small Business Administration’s Paycheck Protection Program. He is looking out to help keep the small businesses open.

Photo: Getty

Magic Johnson (Getty)

Magic Johnson (Getty)

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