Magic Johnson’s Insurance Company Funding $100 Million to Support Small Businesses

Magic Johnson told the WSJ that his life insurance company will provide $100 million to small businesses as part of the Paycheck Protection Program; the funding will be for small women and minority owned businesses; the loans are made possible through a partnership between EquiTrust Life Insurance Co. and MBE Capital Partners, which is a nonbank lender focusing on financing women owned businesses and businesses owned by minorities; Johnson stated, “What we’re launching here now is so important because we’re going to save a lot of small, minority businesses because they can’t just walk into the bank and get that loan.” The CEO of MBE noted that many customers have been complaining about missing out on the first round of PPP loans; the $100 million commitment will go towards roughly 5,000 PPP loans that have been approved by the SBA. The Wall Street Journal

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