Ervin “Magic” Johnson recently announced that he would be stepping up to assist thousands of black owned businesses that have been left out in the cold while trying to access the government’s coronavirus loan initiative called the Paycheck Protection Program aka the PPP.
Many businesses across America have had a hard time getting approved for these loans meant to help them through the coronavirus crisis by paying for overhead and payroll costs. And to no one’s surprise, black owned businesses are having the most difficulty getting access to these loans.
Magic, through his company Equitytrust, in which he is the majority owner, will team up with MBE Capital partners which is a lender who specializes in financing minority and female owned companies to fund close to 5,000 companies.
The companies will still have to be approved for the PPP but Johnson’s investment makes the capital available to the companies quickly. While the government generally pays the lenders their money back, it has to be available in the first place. Magic’s money fills that void and helps the money become available quickly and focused on minority businesses.
No one can doubt that Magic likes to make money. He’s an amazing businessman. The best part about it is that he ALWAYS tries to make sure that African Americans are included in his prosperity through jobs, investments, housing and more.
Thanks for setting the example Magic.
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