Magic Johnson offering $100-million in PPP loans

Magic will provide $100 million to fund loans to minority-owned businesses.

(CNN) - An NBA Hall of Famer is making some valuable assists.

Magic Johnson announced that his life insurance company 'Equitrust' -- is funding one hundred million dollars in federal loans for business owners hit hard by the coronavirus pandemic.

Equitrust is partnering with MBE capital partners to distribute the loans through the government's paycheck protection program.

The company says it is aiming toward minority and women business owners -- who they say have had difficulty accessing the loans offered as part of the government's stimulus package.