Magic Johnson’s company funding $100 million in loans help minority-owned small businesses

Magic Johnson's life insurance company,l EquiTrust Life Insurance Co. is giving out $100 million to assist women- and minority-owned enterprises amid the Covid-19 pandemic.

Johnson stated his concerns that small businesses were struggling to obtain PPP loans.

“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", Johnson told the Wall Street Journal. “So this was easy for us to understand.”