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

Tuesday, May 19, 2020
Harmeet Kaur | CNN
The Center for Responsible Lending estimated in April that approximately 95% of black-owned businesses, 91% of Latino-owned businesses, 91% of Native Hawaiian or Pacific Islander-owned businesses and 75% of Asian-owned businesses were unlikely to receive a PPP loan through a mainstream bank or credit union.