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Magic Johnson to provide $100 million in loans to businesses owned by minorities, women

Magic Johnson to provide $100 million in loans to businesses owned by minorities, women
Posted at 2:07 PM, May 20, 2020
and last updated 2020-05-20 14:07:00-04

Hall of Fame basketball star Magic Johnson wants to help businesses owned by minorities and women who were struck by the COVID-19 pandemic by providing $100 million in loans.

The funds would be provided by EquiTrust Life Insurance Company, which is majority-owned by Johnson's company Magic Johnson Enterprises since 2015.

On the EquiTrust website , MJE collaborated with MBE Capital Partners, a "New Jersey-based non-bank lender specializing in business financing for women and minorities" to distribute out the loans through the Small Business Administration's Paycheck Protection Program.

To apply for the loan, visit the MBE Capital Partners website.

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