With many businesses struggling to stay afloat due to the coronavirus (COVID-19) pandemic, Los Angeles Dodgers part-owner Magic Johnson has stepped up in a major way to provide relief to those in need.
The five-time NBA champion, who owns a majority stake in EquiTrust Life Insurance Co., announced that he is collaborating with MBE Capital Partners to give $100 million to fund federal loans to minority and women-owned businesses.
The funding will be distributed through the Small Business Administration’s Paycheck Protection Program.
During a recent appearance on MSNBC, Johnson explained the loans are designed to help small businesses in urban communities keep their doors open amid these difficult times:
“These are incredible businesses, small businesses, that have been the pillar of our community that also employ a lot of black and brown people in our community.