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Magic Johnson offers $100 million in loans to minority-owned businesses

“This will allow them to keep their employees and keep their doors open,” Magic Johnson explained.

Magic Johnson AFP Photo/JONATHAN DANIEL

Magic Johnson is providing a helping hand amid the COVID-19 pandemic.

Last week, CNBC reported that Johnson will be offering $100 million in loans to “minority and women-owned companies hurt by stay-at-home orders due to COVID-19.” The loans were funded by Johnson’s EquiTrust Life Insurance Company and will “be provided through the Small Business Administration’s Paycheck Protection Program.” While speaking on his plan to help out those in need, Johnson explained that businesses will not have to fear foreclosure. “This will allow them to keep their employees and keep their doors open,” the former Lakers star explained.

He added, “We have to remember that 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.’”

Following Coronavirus pandemic, many have been looking for ways to help others during these times of uncertainty. Last month, Sean “Diddy” Combs launched Our Fair Share aimed at assisting minority entrepreneurs and small businesses. The platform also educates business owners about the Paycheck Protection Program and more.

“COVID-19 is devastating our communities and without access to stimulus funding, we risk losing critical businesses that create jobs and help build opportunities and wealth in our communities,” Combs explained. “I created Our Fair Share to help entrepreneurs play on an even playing field and give them a chance to survive with the hope to thrive.”

In addition to Johnson and Combs’ initiative, several celebrities have participated in Michael Rubin’s “All In Challenge,” which raises money for Coronavirus relief. “COVID-19 has impacted our lives in such an unprecedented way, but through it all, I’ve been encouraged by our country’s relentless desire to help others, especially around the ever-growing number of families now struggling to find food,” Rubin said in a press release.

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