MAGIC JOHNSON’S LIFE INSURANCE COMPANY TO DISTRIBUTE $100 MILLION IN FEDERAL LOANS TO MINORITY BUSINESSES

Former Los Angeles Lakers guard and team president Earvin “Magic” Johnson announced his life insurance company will provide $100 million for women- and minority-owned small businesses as part of the Paycheck Protection Program (PPP).

Johnson, the owner of EquiTrust, the nation’s largest minority-owned insurance company, will partner with MBE Capital Partners, a Latino-owned company, to provide supply chain finance solutions for Fortune 500 companies and their suppliers.

MBE Capital is designed to help small and diverse businesses take advantage of this latest round of PPP funding. The company can process up to 5,000 loans per day, utilizing end-to-end online technology to accept, underwrite, and transmit the applications to the SBA.

After feeling ignored in the first round of PPP loans, African American-owned banks and businesses have found ways to team up to make sure it doesn’t happen again.

Those interested in applying for the loans from EquiTrust and MBE Capital can apply here.

Source: BlackEnterprise