Magic Johnson has that name for a reason… and it’s not just from the basketball court.
He’s using his power as the CEO of Magic Johnson Enterprises to help minorities stay in business during COVID-19. Magic announced earlier this week that he partnered with MBE Capital Partners to make $100 million in loans to small businesses.
The loans will be funded by Magic’s life insurance company and will be distributed through the Small Business Administration’s Paycheck Protection Program, which is a forgivable loan program designed to help businesses meet their payroll right now.
Magic said he did it to help save the many black, Latin & women-owned businesses who were shut out of the first rounds of CARES Act SBA loans because they didn’t have relationships with bigger banks to get access to the money.
And media mogul Oprah Winfrey is donating $5 million to organizations in the Chicago area that serve communities of color.
She started her COVID-19 Relief Fund last month with donations to large nationwide organizations then focused her efforts to helping give back to the cities she considers home… here in Chicago as well as in Nashville, Milwaukee, Baltimore and Kosciusko, Mississippi.
In total, Oprah’s charity will be giving $12 million nationwide.
Remember to always celebrate your magic! xo