Magic providing $100 million in loans to minority-owned businesses

Magic Johnson spent his entire career with the Lakers, winning five titles. File photo

Los Angeles Lakers legend Magic Johnson is offering $100 million in capital to help fund federal loans for minority and women business owners impacted by the cororonavirus pandemic.

Johnson is making the donations via the EquiTrust Life Insurance Co., of which he is majority owner. The money will be distributed through the federal government’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,” Johnson said on MSNBC. “… We wanted to make sure that minority-owned businesses got small business loans through the PPP program.”