“This will allow them to keep their employees”: Magic Johnson nobly instituted a $100 million fund for loans to small businesses early during the 2020 Covid-19 first wave

Magic Johnson is a man who made it right to the top despite coming from nothing. His rise, however, didn’t disconnect him from his roots.

There are quite a few athletes who blow through their relatively massive earnings pile like there’s no tomorrow. Financial ineptitude is a bane that often affects some of the world’s most talented people.

However, Magic Johnson was a far cry from that even during his playing days. His rookie-scale contract, which he negotiated with the then-Lakers owner Jack Kent Cooke, was for a sizeable $600,000. And once he’d sealed his name as the bestseller in the game, he signed the biggest NBA contract of the time.

Magic also made sure to put all of his earnings from his playing days to great use. While he obviously looked after his extended family and provided them with the platform to thrive, he also consolidated his business interests.

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Over the years, the Magic brand has been associated with theaters, real estate, sports franchises and many other undertakings which belong in the public domain and serve a purpose to the public community.

According to the latest estimates, the Dodgers owner has compiled a net worth of over $600 million.

Magic Johnson led the Covid-19 relief effort from the start by instituting a $100 million fund

When people turn from well-to-do to rich to wealthy at the level of Magic Johnson, they stop having to think about day-to-day earnings like normal people would. Their money and their employees work to make even more money for their bank accounts.

This allows a lot them to think about, and engage in solving some of the world’s problems. And over the past 2 years, the world has been severely hit (economically and in other ways) by Covid-19.

During such times, it falls upon the wealthy to take up the mantle of society and reinvigorate people’s pride by facilitating their success. In his attempt to do that, Magic Johnson called upon his firm to institute a $100 million fund.

This fund was set up in order to bail out small businesses severely affected by the pandemic. In a statement released at the time, Magic stated:

“We have to remember that these businesses have been in urban communities for a long time. 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.’”

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In the wake of his upcoming documentary series, we’d like to thank the Lakers legend for his contributions to the community. We know they’ll keep coming throughout his lifetime and beyond. But it’s important to acknowledge noble work from time to time.