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Dodgers: Magic Johnson Offering $100 Million for Struggling Small Businesses

When Magic Johnson was a member of the Lakers, he was dishing out assists on a nightly basis. And now, many years after his playing career is over, the Dodgers’ part-owner is dishing out more assistance than ever. 

Johnson committed to $100 million to small businesses left behind by government programs. He talked about his plan with The Wall Street Journal this past week. 

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. – Magic Johnson

The money will be disbursed through a partnership between EquiTrust Life Insurance Company and MBE Capital Partners. The Dodgers’ part-owner has made it a habit throughout his time in Los Angeles to take care of the community. This is just the latest in a string of community efforts by Magic. 

This is, when you think about it, life and death for so many business owners. They have nowhere else to turn. – Magic Johnson

MBE’s chief executive talked with the Wall Street journal about clients who were unable to receive loans from the federal government small business program. He also told WSJ that Johnson’s $100 commitment will be used initially for the 5,000 loans his company has approved so far. 

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Written by Brook Smith

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