Sign up for free newsletters and get more CNBC delivered to your inbox, Get this delivered to your inbox, and more info about our products and services.Â, © 2021 CNBC LLC. Since 1996, EquiTrust has demonstrated exceptional growth by surpassing $18 billion in assets under management. Johnson’s EquiTrust Life Insurance Co. will work with MBE Capital Partners of Fort Lee, New Jersey, to offer the loans, Johnson told the Wall Street Journal. "We need it," Johnson said. Johnson told the Journal that his EquiTrust Life Insurance Company will provide $100 million to fund loans through a federal program. Martinez said the application process is now simplified, making "it easier to qualify for these loans. Magic Johnson Feature Documentary in the Works (EXCLUSIVE) Read More. Born out of a concern that women and people of color were having difficulty accessing the loans offered by the Small Business Administration's emergency COVID-19 relief program, Earvin "Magic" Johnson's EquiTrust Life Insurance company partnered with MBE Capital Partners, the country's only direct lending certified minority finance company and the … Magic Johnson launches program to help minority-owned small businesses during crisis, This company embraced the coronavirus economy and now it is hiring workers, LA Lakers legend Magic Johnson on the team's decision to return PPP loan, MBE Capital Partners to offer $100 million. But even with new money available, African-American and Latino-owned businesses have been left out of the new PPP funds due to a lack of relationships with bigger banks. For the loans, Equitrust will join with MBE Capital Partners, a lender that specializes in financing minority- and women-owned companies, The Journal wrote. MBE Capital is committed to providing vital funding for small businesses in underserved communities. The CEO of Magic Johnson Enterprises collaborated with MBE Capital Partners to offer $100 million in loans to minority- and women-owned companies hurt by stay-at-home orders due to Covid-19. Read More. VISITOR SUBMISSIONS All communications initiated by you (also defined herein as a "Visitor") and made to or through portions of the Website that permit uploading of questions, comments or other material are hereby considered "Visitor … 05/17/2020. 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 . 06/22/2020. ", Correction: This story was revised to correct that Sen. Kamala Harris and other Democratic lawmakers want the SBA and Treasury Department to ensure minority-owned businesses are not shut out of aid.Â. We serve our communities through … Our History. Magic Johnson Enterprises, the former NBA star’s investment company, is the majority owner of EquiTrust and is valued at an estimated $1 billion, according to its website. New funds include $60 billion set aside for small businesses. Magic Johnson Enterprises, the former NBA star’s investment company, is the majority owner of EquiTrust and is valued at an estimated $1 billion, according to its website. Asked about pro sports leagues returning to action, Johnson echoed what many throughout the industry have said, predicting a restart with "empty stadiums." EARVIN “MAGIC” JOHNSON’S EQUITRUST TO FUND OVER $100 MILLION IN PPP LOANS FOR MINORITY AND WOMEN-OWNED BUSINESSES. Magic Johnson, the CEO of Magic Johnson Enterprises, partnered with MBE Capital Partners to offer $100 million in loans to minority- and women-owned companies. "This will allow them to keep their employees and keep their doors open," Johnson told CNBC's "Squawk Box" on Tuesday. For the fourth consecutive year, EquiTrust is recognized among the “Wards 50” of top life and health insurance companies. Opening doors and funding futures. The CEO of Magic Johnson Enterprises collaborated with MBE Capital Partners to offer $100 million in loans to minority- and women-owned companies hurt by stay-at-home orders due to Covid-19. MAGIC JOHNSON’S EQUITRUST, MBE PARTNERS, AND CARVER BANK TO FUND $325 MILLION IN PPP LOANS. Magic Johnson Feature Documentary in the Works (EXCLUSIVE) Read More. Applicants are vetted using the SBA guidelines. according to a Wall Street Journal report. MBECP then became an SBA-approved PPP lender and went on to provide 13,000 borrowers with over $350,000,000 in PPP loans. ", "There is a ton of money left," Martinez said, adding the next stage is to grow work with depository banks to "multiply Earvin's investment to $1 billion or more."Â. Applications are 100% risk-free. The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of Advance Local. Earvin “Magic” Johnson, majority owner of EquiTrust, the nation’s largest minority-owned insurance company, announced a $100 million partnership with MBE Capital Partners, the largest certified minority-owned asset-based lender, and the National Action Network. This is in addition to the combined $100 million in PPP loans that the corporations have provided during … “What we’re launching here now is so important because we’re going to save a lot of small, minority businesses because they can’t just walk into the bank and get that loan,” Johnson told The Journal. 05/17/2020. Receive pre-approved loans to fund business expenses and improve cash flow. 06/11/2020. Magic Johnson’s EquiTrust Life Insurance Co., along with MBE Partners, and Carver Federal Savings Bank have funded another $225 million in Paycheck Protection Program (PPP) loans for women and minority businesses. His companies, Magic Johnson Enterprises and EquiTrust Life Insurance Company, have partnered with a New Jersey-based lender called MBE Capital Partners that … Please consider supporting our work. Leave a Comment / Health & Wealth, Home & Aboard. © 2021 Advance Local Media LLC. LOS ANGELES (CBSLA) – Lakers legend and business mogul Magic Johnson announced Monday that he will provide $100 million in loans to minority-owned businesses struggling amid the coronavirus pandemic. 06/11/2020. But with financial help limited, some businesses are in jeopardy of closing for good. That's how we escape our everyday life — is to indulge ourselves in sports. Read More. EquiTrust products are offered by EquiTrust agents - for more information about any EquiTrust product please contact your EquiTrust agent. A: Loan provisions vary by policy in the first year of the policy. So, we need sports to come back, especially if we're going to continue to stay home. "We have to remember that these businesses have been in urban communities for a long time," Johnson said. Initially, MBECP partnered with Earvin “Magic” Johnson, majority owner of EquiTrust, to distribute $100 million of PPP loans geared specifically for minority and women-owned businesses in underserved communities. The loans were funded through Johnson’s EquiTrust Life Insurance Company, of which he is a majority owner, through the Small Business Administration’s Paycheck Protection Program. The Lakers received criticism for the action, but Johnson praised the team for returning the money. As a result of hard work and talented people, we are doing well. We want to hear from you. Subscribe now. The funds will be distributed through the Small Business Administration's Paycheck Protection Program. By working with Earvin “Magic” Johnson’s EquiTrust, MBECP pipelines are over $500,000,000. EquiTrust is a national carrier of competitive, client-friendly annuity and life insurance products, available through a national network of independent sales representatives. So now, we're able to say, 'Hey, you can have a relationship with us.'". Johnson’s investment will fund loans for about 5,000 companies that the Small Business Administration’s Paycheck Protection Program approved with the help of MBE, according to the report. With the future of small businesses in urban communities at risk, former National Basketball Association great Magic Johnson has stepped in to offer assistance. A Division of NBCUniversal. "They've been doing great things, and they probably didn't have a relationship with the banks when the stimulus package went out. "We thrive on our sports. JLC Infrastructure Welcomes Milestone on Investment in LaGuardia Airport Terminal B. "[Lakers owner] Jeanie Buss is a very good owner, and she's smart, so I'm glad that she returned the money because there is a lot of companies out here who really need that money and she was smart enough to understand that.". Read More. Data is a real-time snapshot *Data is delayed at least 15 minutes. Registration on or use of this site constitutes acceptance of our User Agreement, Privacy Policy and Cookie Statement, and Your California Privacy Rights (each updated 1/1/21). Together, they are focused on distributing … EquiTrust began operating in the … July 25, 2020 (Washington, DC) — Dr. Benjamin F. Chavis, Jr., President and CEO of the National Newspaper Publishers Association (NNPA) announced … Rafael Martinez, CEO of MBE, said the funds would look to help 100,000 businesses in urban communities. May 18, 2020 (New York, NY) — Earvin “Magic” Johnson, majority owner of EquiTrust, the nation’s largest minority-owned insurance company, announced a $100 million partnership with MBE Capital Partners (MBECP), the largest certified minority-owned asset-based lender, and the National Action Network (NAN). Quality local journalism has never been more important. Earvin “Magic” Johnson, majority owner of EquiTrust – Photo courtesy of NNPA NNPA WASHINGTON, D.C. – Earvin “Magic” Johnson, majority owner of EquiTrust, the nation’s largest minority-owned insurance company, and MBE Capital Partners, the largest certified minority-owned asset-based lender, will partner with the National Newspaper Publishers … Q: Can I repay a loan and if so, how? Earvin “Magic” Johnson whipped his share of memorable passes during his time as a Los Angeles Lakers point guard. Testimonials “On behalf of Rickman Enterprise Group, we would like to thank MBE Capital Partners for their dedication and financial commitment to our company and all minority businesses across the … Read More. If eligible, you may request a loan request by completing the Life Policy Loan Request Form, found at the Forms tab. Magic Johnson, the CEO of Magic Johnson Enterprises, partnered with MBE Capital Partners to offer $100 million in loans to minority- and women-owned companies. MBE Capital is committed to providing vital funding for small businesses in underserved communities. Together, they are focused on distributing PPP loans geared specifically for minority and women-owned … Democratic lawmakers including Sen. Kamala Harris of California have even called on the SBA and Treasury Department to ensure minority-owned businesses are not shut out of aid.Â. Magic Johnson would like to assist minority-owned small businesses rocked by the realities of the coronavirus crisis. The loans were funded through Johnson's EquiTrust Life Insurance Company and will be provided through the Small Business Administration's Paycheck Protection Program.Â. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. Community Rules apply to all content you upload or otherwise submit to this site. Dr. Benjamin F. Chavis Jr., president and CEO of the National Newspaper Publishers Association (NNPA), recently announced that he and the NNPA have agreed to assist the efforts of Earvin “Magic” Johnson, majority owner of EquiTrust, the nation’s largest minority-owned insurance company, and MBE Capital Partners (MBECP), the largest certified minority-owned asset … Magic Johnson Enterprises – comprised of multiple business entities and partnerships – acquired a controlling interest in EquiTrust in 2015. A: Yes. Magic Johnson Makes … "Financially, this has really hurt our community as well as health-wise it's hurt our community, too," Johnson added. "They did the right thing," he said. (AP Photo/Mark J. Terrill)AP. All rights reserved (About Us). Facts-first reporting from the source you trust. Thanks for visiting PennLive. Johnson, 60, who helped the Los Angeles Lakers win five NBA titles through the 1980s, said he was surprised the team applied for a SBA loan and received $4.6 million. Congress set aside $349 billion for PPP funds in April as part of a $2 trillion stimulus package, but the money depleted quickly, forcing another round of aid. 06/22/2020. NBA legend turned social entrepreneur Magic Johnson has committed to providing $100 million in capital to fund small business loans through the SBA's Paycheck Protection Program (PPP). But he also supported resumption. Pivot with supplier loans. All Rights Reserved. Not a subscriber yet? And according to a Wall Street Journal report, he’d now like to assist minority-owned small businesses rocked by the realities of the coronavirus crisis. Refer to your policy for specifics, or contact our Customer Service Department at 888-400-5759 for availability. The loans were funded through Johnson’s EquiTrust Life Insurance Company and will be provided through the Small Business Administration’s Paycheck Protection Program. 2003. This will allow TEC’s CDFI to process more SBA loans in two weeks that they have in the last 10 years. Together, they are focused on distributing PPP loans geared specifically for … By working with Earvin “Magic” Johnson’s EquiTrust, MBECP pipelines is over $500,000,000. We need your support. Note to readers: if you purchase something through one of our affiliate links we may earn a commission. Earvin “Magic” Johnson, majority owner of EquiTrust, the nation’s largest minority-owned insurance company, announced a $100 million partnership with MBE Capital Partners (MBECP), the largest certified minority-owned asset-based lender, and the National Action Network (NAN). Magic Johnson said company for which he owns a majority will be giving $100M donation in capital to fund loans for minority women-owned businesses. MAGIC JOHNSON’S EQUITRUST, MBE PARTNERS, AND CARVER BANK TO FUND $325 MILLION IN PPP LOANS. By working with Earvin “Magic” Johnson’s EquiTrust, MBECP pipelines is over $500,000,000. Got a confidential news tip? And just as importantly, we are doing good. The corporations have already combined for $100 million in PPP loans during the coronavirus pandemic, bringing the total to $325 million … JLC Infrastructure Welcomes Milestone on Investment in LaGuardia Airport Terminal B. Magic Johnson Makes … Magic Johnson's life insurance company, EquiTrust Life Insurance Co., will help women and minority-owned businesses secure PPP Loans.