Former Los Angeles Lakers president of basketball operations Magic Johnson announced that his company, Equitrust, has partnered with MBE Capital Partners to provide $100 million in loans to minority-owned businesses impacted by the coronavirus (COVID-19) pandemic.
It has left countless businesses struggling to get back on track amid the restrictions currently in place. Unfortunately, this is especially true for those that are owned by minorities.
The loans set to be distributed through the federal government’s Paycheck Protection Program will be targeting this specific demographic. The goal is to have 100,000 businesses up and running through the end of the outbreak.