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Magic Johnson and wife

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Hall of Fame, NBA Legend Magic Johnson may no longer be playing in the NBA, but he’s still making valuable assists.  Magic is providing $100 million in capital to fund federal loans for minority and women business owners who have been hit hard by the Covid-19 pandemic.

Johnson announced that EquiTrust Life Insurance Co., of which he owns a majority, will work with MBE Capital Partners, a lender that specializes in asset-based loans for minority-owned small businesses. The loans will be distributed through the federal government’s Paycheck Protection Program.

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The NBA Legend has advised news sources that the business loans are aimed at supporting people of color and women who operate businesses in under-served communities.

Hopefully, it will be a seamless process, since there’s been alot of technical hiccups and questions in regards to The Paycheck Protection Program.