Benjamin F. Chavis Jr., the president and CEO of the Nationwide Newspaper Publishers Affiliation (NNPA) introduced that the NNPA will help the efforts of Earvin “Magic” Johnson, the bulk proprietor of EquiTrust, the nation’s largest minority-owned insurance coverage firm, and MBE Capital Companions (MBECP), the most important licensed minority-owned asset-based lender to fund over $100 million in PPP loans.
EquiTrust, MBECP and the NNPA have partnered to tell and encourage minority and women-owned companies all through the US to make the most of the present PPP loan alternatives for companies in underserved communities.
“I have the highest regard and respect for the entrepreneurial leadership and courage of Earvin Magic Johnson,” Chavis mentioned. “The NNPA, therefore, is enthusiastic and pleased to assist Johnson’s EquiTrust and with MBE Capital to enhance the economic recovery of African American and other minority-owned businesses amidst the devastating COVID-19 pandemic in America. Our businesses are the lifeblood of our communities.”
Johnson’s EquiTrust is offering important monetary help to underserved communities and companies which were historically uncared for. These small and various companies typically have problem growing sturdy lending relationships with large banks.
In line with the Middle for Accountable Lending, as much as 90 % of companies owned by individuals of shade have been, or will possible be, shut out of the PPP program.
MBE Capital is completely positioned to assist small and various companies make the most of this newest spherical of PPP funding; and the corporate is an permitted SBA lender with over 20 years of expertise serving various and minority companies.
They’ll course of as much as 5,000 loans per day, using end-to-end on-line know-how to simply accept, underwrite, and transmit the purposes to the SBA. MBE Capital has already processed over $300,000,000 in PPP loans — together with the EquiTrust partnership funding $100,000,000.
The NNPA is the nation’s largest commerce affiliation of African American owned newspapers and media companies that attain 22.four million readers per week throughout the nation.
MBECP has additionally partnered with The Enterprise Middle (TEC), a Group Growth Monetary Establishment (CDFI), offering them with know-how and assets to assist them course of over $100,000,000 in PPP loans. This may permit TEC’s CDFI to course of extra SBA loans in two weeks then they’ve within the final 10 years.
By working with Earvin “Magic” Johnson’s EquiTrust, MBECP pipelines exceed greater than $500 million. MBE Capital is dedicated to offering very important funding for small companies in underserved communities. With virtually $100 billion left within the second spherical of PPP funding, it’s crucial that weak small companies are in a position to safe assets to maintain.
“I contacted EquiTrust, to be an additional strategic partner because I know that EquiTrust believes in changing outcomes for underserved communities the way I do,” mentioned Rafael Martinez, CEO of MBE Capital. “The team at EquiTrust and my direct contact Kenyatta Matheny were incredible, and we put this deal together from the first call to contracts in a week.”
He added, “After receiving hundreds of emails and calls from applicants asking if they can receive their PPP loans as soon as possible because this was a last hope to stay open — and in some cases to keep food on the tables of their employees – I was moved to expand this and look to fund over 20,000 PPP loans for minority companies”
“This is a unique SBA-backed opportunity to use the vast resources of EquiTrust’s to prudently provide real and much-needed cash to deserving minority and women-owned businesses that find it difficult to secure such funding through traditional means,” mentioned Eric Holoman, the president and CEO of EquiTrust. “The jobs saved will make a significant difference to their families and communities.”
APPLY FOR A PPP loan TODAY OR LEARN MORE: mbeppp.com/go/nnpa/
loan Referral Code: NNPA