Magic Johnson is offering $100 million in PPP loans for minority businesses
(New York, NY) — On May 18, Earvin “Magic” Johnson, majority owner of EquiTrust, the nation’s largest minority-owned insurance company, announced a $100 million partnership with MBE Capital Partners (MBECP), the largest certified minority-owned asset-based lender, and the National Action Network (NAN). Together, they are focused on distributing PPP loans geared specifically for minority and women-owned businesses in underserved communities. Johnson’s EquiTrust is providing critical financial support to underserved communities and businesses that have been traditionally neglected. These small and diverse businesses often have difficulty developing strong lending relationships with big banks. According to the Center for Responsible Lending, up to 90% of businesses owned by people of color have been, or will likely be, shut out of the PPP program. MBE Capital is perfectly positioned to help small and diverse businesses take advantage of this latest round of PPP funding; and th...