Most minority-owned small businesses were not able to take advantage of the short-term loans being offered by the government. Thankfully, basketball legend Magic Johnson is here to help.
Good Samaritan Magic Johnson helping minority business owners
Many people may not know this, but Johnson has become an incredibly successful businessman since retiring from the NBA. While some athletes focused on their “personal brand,” Johnson was a true pioneer. Rather than simply squeezing every last dollar out of traditional corporate endorsements, he has integrated personal principles into his business ventures.
CNBC reports, in the early 1990s, the Johnson Development Group launched Magic Johnson Theaters. They’re a chain of cutting-edge movie theaters in urban centers. Johnson eventually sold his stake in the chain to AMC. However, they’ve left a lasting imprint in black and other minority communities.
Now, Johnson is using his sizable clout as a celebrity investor to help out minority-owned businesses that have struggled to acquire small business loans during the crisis.
Magic Johnson to provide $100 million in loans
According to CNBC, Johnson has partnered with MBE Capital Partners to source $100 million in loans to minority and owned small businesses. The loans will be distributed through the same federal government program that is currently issuing small business loans.
“This will allow them to keep their employees and keep their doors open,” Johnson said in an interview with CNBC’s “Squawk Box.”
Numerous reports suggest the minority communities are the hardest hit by the coronavirus. That’s likely due to a number of reasons, including lack of access to health care. While also a lack of healthy nutrition and equal educational opportunities that facilitate healthier lifestyles.
Keeping people employed and building economic resources aren’t just the right thing to do. They are imperative to offset the incredible damage done to these communities by the crisis. While also helping build a foundation to buffer them against the next crisis.
Johnson and his financial partners are doing good for these business owners. Having access to funds is very crucial to survival right now. Let us know if you know of any other stories like this one. Share them with us in our comments section.
