Magic Johnson quietly allocated $325 million to rescue minority-owned businesses that had been abandoned by the big banks

Johnson recognized the financial barriers facing minority communities and used his business network to help struggling companies stay afloat

When the COVID-19 pandemic brought much of America's economy to a standstill in 2020, small businesses faced an immediate fight for survival.

Securing emergency financial assistance was particularly difficult for many Black, Latino and women entrepreneurs, , especially for owners without established relationships with major banks.

Magic Johnson recognized that gap and stepped in to help create another route to funding.

Through EquiTrust Life Insurance Company, majority-owned by Magic Johnson Enterprises…

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