NBA Hall of Famer & former Los Angeles Lakers player, Earvin “Magic” Johnson has been making headlines recently as it was reported that the 5x time NBA champion offers to donate $100 million in loans to minority owned businesses that we left out in the Paycheck Protection Program (PPP) loans.
Over the years, the NBA icon has been known for his great investments and philanthropy. One of his most proud accomplishments was the Magic Johnson Foundation (founded in 1991) that raises funds and awareness for people living with HIV/AIDs and creating preventive programs while advocating for them.
In 1987, four years before the Magic Johnson Foundation started, Johnson founded Magic Johnson Enterprises, where today, his business serves as a catalyst for fostering (or helping) underserved communities through economic empowerment by developing projects in the interest of the people.
Over the years, Magic Johnson Enterprises developed 31 urban projects across the nation as well as sports teams.
Recently, Johnson partnered with MBE Capital Partners to offer $100 million in loans to minority-owned businesses that were affected by the stay-at-home order issued by the U.S government in response to COVID-19.
“This will allow them to keep their employees and keep their doors open,” Johnson said to CNBC’s “Squawk Box” this past Tuesday.
“We have to remember that these businesses have been in urban communities for a long time.”
What are your thoughts? Do you believe that Magic Johnson has ‘lit the torch’ for celebrities to be more responsive to people affected by COVID-19?
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