Magic Johnson will provide $100 million to fund loans to minority & women owned businesses

Magic Johnson still out here throwing the assist off the basketball court.

Magic announced that EquiTrust Life Insurance Co., of which he owns a majority, is providing $100 million in capital to fund federal loans for minority and women business owners who have been hit hard by the coronavirus pandemic.

The loans are aimed at supporting people of color and women who operate businesses in underserved communities, according to a news release.

The news was first reported by The Wall Street Journal.