Fast Business Loans: How To To $20k Magic Johnson Business Loan?
The basketball mogul Magic Johnson has committed to loaning $100 million dollars to help small business owners.
EquiTrust will work with MBE Capital Partners, a lender that specializes in asset-based loans for minority-owned small businesses, to distribute the loans through the federal government’s Paycheck Protection Program. The fast business loans are aimed at supporting people of color and women who operate businesses in underserved communities, according to a news release.
Unfortunately, a lot of minority owned business did not qualify for the ppp loans, let exploy what are the requirements.
What qualifies you for fast business loans through the PPP loan?
Who Qualifies for a PPP Loan? Any small business with 500 or fewer employees may be eligible. This includes small businesses, S corporations, C corporations, LLCs, private nonprofits, faith-based organizations, tribal groups and veteran groups.
Is PPP loan still available?
Paycheck Protection Program closed August 8, 2020
Current law dictates that the Paycheck Protection Program (PPP) close at the end of August 8, 2020. As such, SBA is no longer accepting PPP applications from participating lenders
What is the average SBA PPP loan?
Overall average loan size is approximately $107,000.
Can I apply directly to SBA for PPP loan?
Currently, the EIDL application is accessible here, and can be submitted directly on the SBA website. The PPP application is also live and can be submitted directly with banks, credit unions, and fintech companies including Square and PayPal.
How Can I Get A Fast Business Loan From Magic Johnson?
The partnership was borne out of a concern that women and people of color were having difficulty accessing the loans offered by the Small Business Administration’s emergency coronavirus relief program — part of the federal government’s massive stimulus package.”Johnson’s EquiTrust is providing critical financial support to underserved communities and businesses that have been traditionally neglected,” EquiTrust and MBE Capital Partners said in a joint news release.
“These small and diverse businesses often have difficulty developing strong lending relationships with big banks.”The goal is to help 100,000 businesses secure resources that will sustain them through the pandemic, MBE Capital CEO Rafael Martinez said on MSNBC.
Conclusion:
Although, it may seem very hard to get approved for fast business loans for minority owned businesses, it is possible.
As small business continue to close their doors because of lack of financial support, companies like Magic Johnson, try to give us hope.
Companies like, EquiTrust, which is majority owned by Magic Johnson Enterprises, will partner with MBE Capital Partners, a Fort Lee, N.J., based nonbank lender that specializes in financing minority- and women-owned companies, to offer Paycheck Protection Program loans.
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