Magic Johnson’s Company To Provide $100 Million To Fund Loans To Help Minority-Owned Businesses - The Shade Room

Magic Johnson’s Company To Provide $100 Million To Fund Loans To Help Minority-Owned Businesses

Magic Johnson is doing his part to help out minority and women-owned businesses during this pandemic. Recently, he pledged $100 million through his insurance company, which will help small businesses that may have been overlooked by the government.

On Tuesday, he appeared on Good Morning America to talk to Robin Roberts about his efforts to give back to small businesses. He revealed that his company will be teaming up with a non-bank lender that specializes in financing minority and women-owned companies.

He said, “My company EquiTrust we put up a $100 million for these fantastic companies that were not a part of the loan system, the stimulus package that went out and they couldn’t get loans. So, we have to make sure that they stay in business, and also keep their employees, which is really important.”

He continued, “So the Paycheck Protection Program, we’re going to come together and MBE is going to make sure they vet these minority firms and women-owned businesses, along with the SBA (Small Business Administration) to make sure that these companies get money because they’ve been a pillar and also they’ve been outstanding for our community.”

Magic continued to talk about how the coronavirus has heavily impacted minorities, and how he is hoping the loans can not only keep these businesses afloat during this pandemic but also after the pandemic is over.


Check out what he had to say below:


As we previously reported, Facebook also made a similar gesture last month when they announced that they would be providing $100 million for small businesses. However, their grant-supported 10,000 small businesses in 34 different locations across the U.S. where Facebook employees live and work.


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