News

Rev. Sharpton & NAN Connect Magic Johnson to Lender, a Partnership that will provide $100 Million in Funding for Small Black Businesses

May 17

(New York, NY) — On Sunday, Earvin “Magic” Johnson announced that through his majority owned company EquiTrust, he is allocating $100 million in funds towards a group of small minority-owned businesses.

National Action Network played a crucial role in this funding decision. After hearing about the inequity of the first round of Paycheck Protection loan program, Johnson was connected to the MBE Capital Partners, a Fort Lee, N.J., based nonbank lender that specializes in financing minority- and women-owned companies, by NAN and Reverend Sharpton.

NAN has been on the forefront of the movement to inform Black and minority owned businesses about their options for successfully applying for the PPP loans.

In the WSJ article covering Johnson’s and EquiTrust’s funding plan, Sharpton is quoted advocating for minorities, and their need to access federal stimulus aid has been intensified as black communities have suffered disproportionate deaths from COVID-19.

“We need more stimulation than anybody,” Mr. Sharpton said.

To learn more about Johnson’s funding allocation, read the WSJ article.

Read NAN’s Guide for how to Apply for PPP Loans