The company named EquiTrust Life Insurance Co., is making an effort to help women and minority-owned small businesses.
This effort will be made through the Small Business Administration PPP program which is partnering with New Jersey-based firm MBE Capital Partners–which specializes in loans to businesses owned by women and minorities.
Los Angeles Laker legend Magic Johnson is doing his part by reportedly putting up money to help 5,000 of these struggling businesses.
“We knew why the money was gone and couldn’t trickle down to small businesses, especially small minority businesses, because they didn’t have those great relationships with the banks,” Johnson told WSJ.
While the former president of basketball operations is bringing some much-needed relief to business owners, it can’t be ignored that a lot of the money from the $349 billion Payroll Protection Program has been given to those who don’t need it– like the Los Angeles Lakers.
