Magic Johnson Makes Another Assist—to the Small Business Aid Program

Earvin 'Magic' Johnson is looking for ways to help minority communities hit hard by the coronavirus crisis, including $100 million to fund PPP loans

Citing concerns that minority-owned businesses are being overlooked, Earvin “Magic” Johnson said his EquiTrust Life Insurance Co. will provide $100 million in capital to fund loans through the Small Business Administration’s Paycheck Protection Program.

EquiTrust, which is majority owned by Magic Johnson Enterprises, will partner with MBE Capital Partners, a Fort Lee, N.J., based nonbank lender that specializes in financing minority- and women-owned companies, to offer Paycheck Protection Program loans.

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