Magic Johnson is making another huge assist—this time off the court.
Former NBA all-star Magic Johnson has announced that his life insurance company will provide $100 million in funding for small women and minority-owned businesses as part of the Small Business Administration’s Paycheck Protection Program.
“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. This will allow them to keep their employees and keep their doors open,” Johnson said.
The move was sparked by concern that women and people of color were having difficulty accessing the loans offered by the Small Business Administration’s emergency coronavirus relief program — part of the federal government’s massive stimulus package.
“We have to remember that these businesses have been in urban communities for a long time,” Johnson said. “They’ve been doing great things, and they probably didn’t have a relationship with the banks when the stimulus package went out. So now, we’re able to say, ‘Hey, you can have a relationship with us.’”
Now, this is the kind of Magical thinking we need right now.