Showing posts with label Magic Johnson. Show all posts
Showing posts with label Magic Johnson. Show all posts

Wednesday, May 20, 2020

Magic Johnson will give $100 million to fund loans to minority-owned businesses

Magic Johnson announced that EquiTrust Life Insurance Co., of which he owns a majority, is providing $100 million in capital to fund federal loans for minority and women business owners who have been hit hard by the coronavirus pandemic.

EquiTrust will work with MBE Capital Partners, a lender that specializes in asset-based loans for minority-owned small businesses, to distribute the loans through the federal government's Paycheck Protection Program. The loans are aimed at supporting people of color and women who operate businesses in underserved communities, according to a news release.

"These are incredible businesses, small businesses, that have been the pillar of our community that also employ a lot of black and brown people in our community," Johnson said Sunday on MSNBC. "... We wanted to make sure that minority-owned businesses got small business loans through the PPP program."

"Johnson's EquiTrust is providing critical financial support to underserved communities and businesses that have been traditionally neglected," EquiTrust and MBE Capital Partners said in a joint news release. "These small and diverse businesses often have difficulty developing strong lending relationships with big banks." The goal is to help 100,000 businesses secure resources that will sustain them through the pandemic, MBE Capital CEO Rafael Martinez said on MSNBC.

[SOURCE: CNN]

Saturday, November 09, 2019

Magic Johnson company gives $2 million to Grambling State University

Grambling State announced that Magic Johnson’s SodexoMAGIC donated one of the largest unrestricted gifts in the University’s 118-year history. The $2 million contribution comes only four months into the multi-year partnership between the University and international food service and facilities management giant.

“Significant investments in student advancement are essential to our efforts to build the most vibrant academic community possible,” said Grambling State University President Rick Gallot. “I want to thank SodexoMAGIC’s leadership for their outstanding partnership and generous support of our deserving students.”

Supporting Rapid University Growth

This July, Grambling State launched a multi-year dining partnership with SodexoMAGIC that included a host of academic and community benefits for the rapidly growing university. The new agreement will deliver $6.7 million in facility renovations and add new, major-brand restaurants to campus. In addition to an enhanced food service program, the deal garners a $51 million return on investment built into the five-year renewal option.

The $2 million contribution comes at an important time in the University’s growth as a technology leader, which includes the launch of Louisiana’s only bachelor’s degree in Cybersecurity and infrastructure developments like the state’s first Digital Library and Learning Commons.

“Our dining partner has made many commitments to advance some of the University’s top priorities such as educational innovation, holistic student advancement and infrastructure upgrades,” said Martin Lemelle, Executive Vice President. “Their $2 million contribution is leading the way for unprecedented growth and development.”

Investing in Education

The agreement also includes bolstering support for Grambling State’s advancing technology degree programs and forthcoming community focused STEM education program. The University is established as a tech and STEM leader in higher education, having recently been approved to propose Louisiana’s first Bachelor’s in Cloud Computing and designated for a Center of Academic Excellence in Mathematical Achievement for Science and Technology.

“Students matriculating at Grambling State will be thoroughly prepared for the most in-demand career opportunities of the 21st century,” said Provost, Dr. Connie Walton. “SodexoMAGIC’s investment provides the fuel to ensure that our degree programs and educational opportunities are aligned with the demands of the world around us.”

Enhancing Student Opportunities

SodexoMAGIC’s bequest will count toward the ongoing Bring It Home fundraising campaign spearheaded by the University’s Office of Advancement. The gift doubles the campaigns $1 million goal.

“Grambling State is growing faster than ever and our community of support is matching the pace with their donations,” said Marc Newman, Vice President of Advancement. “The outpouring of support from our partner, SodexoMAGIC, is a huge catalyst for university growth.

Proceeds from the Bring It Home campaign have historically provided thousands of students with financial aid gap funding, supplied scholarships, and other forms direct student support.

For media interviews and more information on Grambling State University, email mediarelations@gram.edu or call (318) 243-5012.

To show your support for Grambling State, visit www.gram.edu/giving.

Monday, July 21, 2014

NBA to help sponsor Pres. Obama's "My Brother's Keeper" initiative.

[ SOURCE] The National Basketball Association will be among the corporate sponsors that have committed to helping young minority men as part of the White House’s “My Brother’s Keeper” initiative.

The NBA, in coordination with its players association, will launch a five-year effort designed to connect 25,000 mentors with young men of color. The league will work with at-risk students to improve attendance and performance at schools. Current and former players will also participate in after school workshops designed to help vulnerable children.

Additionally, NBA hall-of-famer Magic Johnson and Deloitte CEO Joe Echevarria will launch a new “National Convening Council” designed to bring together business, philanthropic, and faith leaders to coordinate their efforts to help young men of color.

Monday, April 28, 2014

Magic Johnson reportedly interested in buying the Los Angeles Clippers

[ SOURCE ] Yahoo Sports reports that former Laker and Hall-of-Famer Magic Johnson is interested in purchasing the Los Angeles Clippers from Donald Sterling in the wake of the alleged racist comments from Sterling that broke into a firestorm of scandal this weekend.

Magic Johnson and his billionaire backers, the Guggenheim Partners, want a chance to purchase the Los Angeles Clippers, league sources told Yahoo Sports. "Magic's absolutely interested," one source closely connected to Johnson's business interests told Yahoo Sports on Sunday night.

To bail themselves out of the NBA's worst crisis of credibility since the Tim Donaghy officiating scandal, the easy part for the NBA will be enlisting the eagerness and financial muscle of Magic Johnson and Mark Walter of the Guggenheim Partners – owners of the Los Angeles Dodgers.

Make no mistake: Magic's Dodgers group is angling for a Southern California sports empire. Magic Johnson and Guggenheim had been aggressive in pursuing a purchase of the Los Angeles Lakers – only to have the Buss family make clear to them the franchise isn't for sale, sources told Yahoo Sports.

"This is 100 percent Magic's plan," a league official intimately involved in the buying and selling of franchises told Yahoo Sports.