“This is, when you think about it, life and death for so many business owners. They have nowhere else to turn.”
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.
MBE’s chief executive, Rafael Martinez, had received complaints from clients who couldn’t get loans from the PPP’s first round of funding; reports later revealed that some lenders prioritized businesses with whom they had existing relationships.that Johnson’s $100 million commitment will first be used for the 5,000 PPP loans his company has approved so far.
“This is, when you think about it, life and death for so many business owners. They have nowhere else to turn,” Johnson told the
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