Magic Johnson is offering $100 million to minority-owned businesses left out of PPP loans
Rafael Martinez, CEO of MBE, told CNBC said that the loans will assist around 100,000 businesses in urban communities.
"We have to remember that these businesses have been in urban communities for a long time," Johnson told CNBC. "They've been doing great things, and they probably didn't have a relationship with the banks when the stimulus package went out. So now, we're able to say, 'Hey, you can have a relationship with us.'"
In addition to the financial hit that small minority-owned businesses are facing, black Americans have also been"Financially, this has really hurt our community as well as health-wise it's hurt our community, too," Johnson told the network.
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