Today, on Good Morning America, Johnson, who is also the owner of EquiTrust, the nation’s largest minority-owned insurance company, will partner with MBE Capital Partners, a Latino-owned company, to provide supply chain finance solutions for women and minority-owned businesses and their suppliers.
According to Forbes, Johnson was motivated after hearing reports of minority- and women-owned businesses being shut out of the Paycheck Protection Program (PPP).
“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.
“Johnson’s EquiTrust is providing critical financial support to underserved communities and businesses that have been traditionally neglected,” EquiTrust and MBE Capital Partners said in a joint news release.
Over the years, Magic Johnson Enterprises has continually invested ownership in many lucrative businesses such as the Los Angeles Lakers, movie theaters, and restaurants in the United States, including T.G.I. Friday’s, Sodexo, and Burger King locations.