Magic Johnson offering $100 million in small business loans

Magic Johnson offering $100 million in small business loans

Posted on 05/20/2020

Transcript

Sunday basketball legend Magic Johnson announced he is providing one hundred million dollars in federal loans for minority and women business owners hit hard by the pandemic.

Johnson will provide the money through life insurance company EquiTrust of which he owns a majority.

EquiTrust is partnering with lender MBE Capital Partners to distribute the loans through the government's Paycheck Protection Program.

The company says minority and women business owners have had difficulty accessing the loans offered as part of the government's stimulus package.

Posted - 5.20.20