Forbes.com staff reporter Lisette Voytko writes that former NBA all-star Magic Johnson told the Wall Street Journal that his life insurance company will provide $100 million in funding for small women and minority owned businesses as part of the Small Business Administration’s embattled Paycheck Protection Program.
The loans are being offered through a partnership of Johnson’s EquiTrust Life Insurance Co. and MBE Capital Partners, a New Jersey-based nonbank lender that specializes in financing businesses owned by women and minorities.
Johnson said he heard that small businesses were struggling to obtain PPP loans in news reports.
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