NBA legend Earvin “Magic” Johnson has given $100M in loans to support minority-owned businesses trying to stay afloat in these COVID times. If you need access to working capital, including ACH business loans and want to know more details concerning the mentioned funding, continue reading this blog post.
ACH Business Loans & $100M to Minority-Owned Businesses
In May, EquiTrust Life Insurance Co., an insurance company, started offering $100 million to minority- and women-owned businesses hurt by the coronavirus crisis. The major part of the company belongs to Magic Johnson.
The NBA legend is working with MBE Capital Partners to assist businesses hurt by the crisis. They aim to support 100.000 businesses with enough funds that can help them navigate these challenging times.
They decided to provide these funds for minority-owned businesses through the Paycheck Protection Program (PPP) program. What if you can’t qualify for a federally backed loan and need an alternative source? No worries. Just turn to a reliable alternative online lender in your field that’s committed to offering the safest and cheapest small business funding, such as ACH business loans.
EquiTrust’s Critical Financial Support
The funds offered by Johnson’s EquiTrust aimed to help business owners stay afloat and avoid firing their workers. In April, the PPP program was offering $349 billion as part of a $2 trillion stimulus package meant for businesses hurt by the virus. However, the need forced the authorities to organize the 2nd round of funding support, which offered $60 billion in loans.
EquiTrust’s funding was designed for those communities and businesses that weren’t eligible for traditional funding options. According to EquiTrust and MBE Capital Partners, these are businesses that often can’t build strong lending relationships with large banks.
To sum up, in May, Los Angeles Lakers legend Magic Johnson offered $100 million in loans through federal funding for female business owners and those representing minorities who were hurt by the COVID-19 crisis.
As you may know, many businesses have had a difficult time getting approved for state-backed loans. Thankfully, there’re alternative business funding options to apply for and get the most secure and cheapest possible financing you need.
Author Bio: Michael Hollis is a Detroit native who now lives in Los Angeles. He is an account executive who has helped hundreds of business owners with their ACH business loans solutions. He’s experimented with various occupations: computer programming, dog-training, scientificating… But his favorite job is the one he’s now doing full time — providing business funding for hard working business owners across the country.