Source: Splash News / Splash News
Hall of Fame, NBA Legend Magic Johnson may no longer be playing in the NBA, but he’s still making valuable assists. Magic is providing $100 million in capital to fund federal loans for minority and women business owners who have been hit hard by the Covid-19 pandemic.
Johnson announced that EquiTrust Life Insurance Co., of which he owns a majority, will work with MBE Capital Partners, a lender that specializes in asset-based loans for minority-owned small businesses. The loans will be distributed through the federal government’s Paycheck Protection Program.
Source: Denise Truscello / Getty
The NBA Legend has advised news sources that the business loans are aimed at supporting people of color and women who operate businesses in under-served communities.
Hopefully, it will be a seamless process, since there’s been alot of technical hiccups and questions in regards to The Paycheck Protection Program.
