Magic Johnson's EquiTrust, Carver Bank, & MBE Partners to Bring $325M in Loans to Minority Businesses
Photo Credit: Jesse Grant/Getty Images for SUPERCHARGED

Magic Johnson's EquiTrust, Carver Bank, & MBE Partners to Bring $325M in Loans to Minority Businesses

Magic Johnson’s EquiTrust Life Insurance company has teamed up with Carver Federal Savings Bank and MBE Partners to provide $225 million in Paycheck Protection Program (PPP) loans to minority and women-owned businesses, according to Black Enterprise.

This is in addition to the combined $100 million in PPP loans that the corporations have provided during the coronavirus, bringing the total to $25 million in funds. These loans are for all nonprofits, religious organizations, minority, and women-owned businesses that were left out of the Small Business Administration funding.

“These businesses are a vital part of our economy and essential to the economic growth necessary for recovery from the pandemic. We have a responsibility to ensure an equitable distribution of federally backed capital to minority-owned small businesses,” Chair of EquiTrust Life Insurance, Earvin “Magic” Johnson, said.

The coronavirus pandemic has had a tremendous impact on business owners, especially those that are led by minorities and women. A nationwide survey conducted in May showed that nearly 45 percent of Black-owned businesses have anticipated closing by November, Black Enterprise reports.

“We are grateful for the partnership with EquiTrust, and most importantly, we are thrilled to have provided an additional pipeline for small businesses to continue to build equity in the wake of such unstable times. I look forward to working on even bigger initiatives with our partners at EquiTrust,” MBE Capital CEO, Rafael Martinez said.

Johnson also noted the enormous amount of growth in their plans to give back.

“When we launched the EquiTrust MBE PPP loan program in May, we anticipated funding $100 million in loans. Not only did we exceed that threshold, but we received over 21,000 applications from small businesses proving a need for the $325 million,” Johnson said.

It’s great to see celebs like Johnson give back to businesses in need during such unprecedented times.