Lakers legend and business mogul Magic Johnson has announced that his company, EquiTrust, has partnered with MBE Capital to provide $100 million in loans for minority owned businesses during the pandemic. The program was put together after Johnson was disheartened to learn that minority owned businesses were having difficulties getting loans during the COVID-19 pandemic. In response, Johnson set out with the goal to help 100,000 businesses.
“This will allow them to keep their employees and keep their doors open,” he said.
“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,” he continued.
“So this was easy for us to understand,” he added.
Many minority owned businesses have had issues obtaining loans during this crisis. According to the Center for Responsible Lending, nearly 90% of minority owned businesses will be shut out of the government run Paycheck Protection Program.
The loan program is underway and those looking to learn more can visit their official website.