The People’s Champion On and Off the Court
He gave people a reason to cheer on the court and now he’s teaming up with partners to provide $100 million to minority-owned businesses. Magic Johnson has proven that he is the real MVP. As a part of “We Got Us: Grants, Capital Venture Funding, Loans, and Other Resources for Minorities by Minorities”, a series to help minority businesses gain the resources they need to remain active and competitive during the coronavirus pandemic, we present to you Magic Johnson’s plan to help minority businesses.
The Magic Behind the Idea
About 90% of Black and Latinx businesses that apply for the Paycheck Protection Program will most likely not receive any type of support from the government, although they may need it the most. Many businesses receiving help from the government are large corporations and not small businesses. This includes the Los Angeles Lakers, who paid back their $4.6 Million after finding out the fund ran out in about two weeks. After hearing this former Lakers Hall of Famer, Earvin “Magic” Johnson, a 5x NBA Champion, 3x Finals MVP and MVP, Sports Franchise owner, and one of Ebony magazine’s 2009 most influential black businessmen, has come up with a cure to offset the damage that could be done to minority businesses. Utilizing his EquiTrust Life Insurance Co. to distribute the funds through the Small Business Administration’s Paycheck Protection Program, Johnson partnered with MBE Capital Partners, who have already processed $300,000,000 in PPP loans.
How to Get a Piece of the Magic
The goal of this lending program is to help approximately 100,000 minority businesses. Since many small minority-owned businesses do not have great relationships or have difficulties making great relationships with big banks it’s harder for them to reap the benefits of these programs and gain access to funding and loans. This is where Magic Johnson and MBE Capital Partners step in. According to the CEO of MBE capital partners Rafael Martinez, “applicants to the program are vetted via SBA guidelines and the application process has been simplified to make the loans easier to acquire.” To apply, check out the MBE Capital Partners’ website. Instructions are in both English and Spanish.
