Magic Johnson’s life insurance company, EquiTrust Life Insurance Co., will reportedly help women and minority-owned small businesses with COVID-19 relief, as per The Wall Street Journal. Businesses will be given the chance to secure $100 million in Paycheck Protection Program loans.
This initiative will be made via the Small Business Administration PPP program, and is part of a partnership with MBE Capital Partners, as per Forbes.
The former Laker’s company will invest towards the relief fund to distribute to 5,000 businesses.
Johnson heard the news about small businesses struggling to get PPP loans, and it wasn’t a good look that the Lakers got approved for one but returned it. “We knew why the money was gone and couldn’t trickle down to small businesses, especially small minority businesses, because they didn’t have those great relationships with the banks,” Magic Johnson told WSJ. “So this was easy for us to understand.”