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.
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.