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The former Lakers star wants to help businesses that have fallen through the cracks.

As a part of the initial $2 trillion stimulus package in April, US Congress set aside $349 billion for the Paycheck Protection Plan. This money was to be distributed as loans so small businesses could stay in business during the economic downtime caused by the pandemic. Unfortunately, so many businesses applied for loans (including several there are decidedly not small), the fund completely ran out of money, leaving many businesses, especially those with African-American and Latino owners, in the lurch.

In an effort to aid these struggling business owners, former Lakers star and current CEO of Magic Johnson Enterprises, Earvin “Magic” Johnson Jr., has teamed up with MBE Capital Partners to offer some loans of their own. Magic Johnson Enterprises has earmarked $100 million in loans to be distributed to minority- and women-owned businesses around the country. The money was raised through EquiTrust Life Insurance Company, another of Johnson’s business ventures, and will be managed by the Small Business Administration’s Paycheck Protection Program.

“This will allow them to keep their employees and keep their doors open,” Johnson told CNBC on Tuesday.

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

Rafael Martinez, CEO of MBE Capital Partners, estimates that the loans should be able to help at least 100,000 businesses in urban communities. The application process is very simple, according to Martinez, so anyone who needs a loan should be able to qualify for one fairly easily. In order to prevent businesses who don’t need this money from squeezing in, all applicants are vetted using SBA guidelines.

“There is a ton of money left,” Martinez said. He added that next they’ll need to work with depository banks to “multiply Earvin’s investment to $1 billion or more.”