Magic Johnson Offering $100 Million In Loans To Women And Minority Owned Businesses
Magic Johnson wants to help out women and minority owned businesses left out of PPP loans
NBA Hall of Famer Magic Johnson wants to help out women and minority owned businesses who haven’t been able to secure PPP loans.
These company owners missed out on the early loans during the coronavirus pandemic economic crisis because they might have not had relationships with big banks.
EquiTrust Life Insurance Company will fund the loans. Johnson is a majority shareholder.
The Small Business Administration’s Paycheck Protection Program will administer them.
Johnson says he felt inspired to do something after hearing news reports that a number of small businesses have not been able to get earlier PPP loans.
Where did all the money go?
CNBC reports Congress set aside $349 billion for PPP funds in April as part of a $2 trillion stimulus package. That money depleted quickly, forcing another round of aid. New funds include $60 billion set aside for small businesses.
But even with new money available, African-American and Latino-owned businesses have been left out of the new PPP funds due to a lack of relationships with bigger banks.
I’m excited to announce that my company Equitrust will be partnering with MBE Capital Partners to deploy $100M in PPP loans to minority-owned businesses! https://t.co/O6uMzTfXGe— Earvin Magic Johnson (@MagicJohnson) May 18, 2020
Is this the kind of news you like to see?
If you want to stay informed but are struggling with all the bad news reported in traditional media, you might get some good tips from my TEDxTalk, “How To Watch The News And Get Inspired.”