Former NBA all-star Magic Johnson announced a $100 million partnership with MBE Capital partners towards helping minority owned businesses affected by the coronavirus pandemic.
The PPP loan program was designed to help small businesses get by during this time, and passed by Congress as part of trillions in stimulus funding.
Speaking to the Wall Street Journal, Johnson said, “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.”
The partnership enables MBE Capital to provide vital funding for small businesses owned by underserved communities.
Color of Change and Unidos US has recently commissioned a survey that shows only 12 percent of black and Latino small business owners benefited from the governments Paycheck Protection Program.