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PRESS ROOM: NNPA Teams with Magic Johnson to Fund Over $100 Million in PPP Loans for Minority and Women-Owned Businesses

NNPA NEWSWIRE — Johnson’s EquiTrust is providing critical financial support to underserved communities and businesses that have been traditionally neglected. These small and diverse businesses often have difficulty developing strong lending relationships with big banks. According to the Center for Responsible Lending, up to 90% of businesses owned by people of color have been, or will likely be, shut out of the PPP program.

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Dr. Benjamin F. Chavis, Jr., President and CEO of the National Newspaper Publishers Association (NNPA) and Earvin “Magic” Johnson, majority owner of EquiTrust, the nation’s largest minority-owned insurance company.
Dr. Benjamin F. Chavis, Jr., President and CEO of the National Newspaper Publishers Association (NNPA) and Earvin “Magic” Johnson, majority owner of EquiTrust, the nation’s largest minority-owned insurance company.

July 25, 2020 (Washington, DC) — Dr. Benjamin F. Chavis, Jr., President and CEO of the National Newspaper Publishers Association (NNPA) announced today that he and the NNPA have agreed to assist the efforts of Earvin “Magic” Johnson, majority owner of EquiTrust, the nation’s largest minority-owned insurance company, and MBE Capital Partners (MBECP), the largest certified minority-owned asset-based lender, in funding over $100 million in PPP loans.

EquiTrust, MBECP and the NNPA together today are focused on informing and encouraging minority- and women-owned businesses throughout the United States to take advantage of the current PPP loan opportunities for businesses in underserved communities.

Dr. Chavis emphasized, “I have the highest regard and respect for the entrepreneurial leadership and courage of Earvin Magic Johnson. 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 providing critical financial support to underserved communities and businesses that have been traditionally neglected. These small and diverse businesses often have difficulty developing strong lending relationships with big banks. According to the Center for Responsible Lending, up to 90% of businesses owned by people of color have been, or will likely be, shut out of the PPP program. 

MBE Capital is perfectly positioned to help small and diverse businesses take advantage of this latest round of PPP funding; and the company is an approved SBA lender with over 20 years of experience serving diverse and minority businesses. They can process up to 5,000 loans per day, utilizing end-to-end online technology to accept, underwrite and transmit the applications to the SBA. MBE Capital has already processed over $300,000,000 in PPP loans — including the EquiTrust partnership funding $100,000,000.

The NNPA is the nation’s largest trade association of African American-owned newspapers and media businesses that reach 22.4 million readers per week across the nation.

MBECP has also partnered with The Enterprise Center (TEC), a Community Development Financial Institution (CDFI), providing them with technology and resources to help them process over $100,000,000 in PPP loans. This will allow TEC’s CDFI to process more SBA loans in two weeks then they have in the last 10 years.

By working with Earvin “Magic” Johnson’s EquiTrust, MBECP’s pipeline is over $500,000,000. MBE Capital is committed to providing vital funding for small businesses in underserved communities. With almost $100 billion left in the second round of PPP funding, it is imperative that vulnerable small businesses are able to secure resources needed to sustain themselves.

According to Rafael Martinez, CEO of MBE Capital: “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. The team at EquiTrust and my direct contact Kenyatta Matheny were incredible, and we put this deal together from 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,” said Eric Holoman, President and Chief Executive Officer of EquiTrust. “The jobs saved will make a significant difference to their families and communities. Equitrust is excited to partner with Rafael Martinez and MBECP to do this and more as we try to level the playing field for businesses that are the backbone of America.”

APPLY FOR A PPP LOAN TODAY OR LEARN MORE: https://mbeppp.com/go/nnpa/

Loan Referral Code: NNPA

ABOUT MBE Capital Partners

MBE Capital is a Latino-owned company providing Supply Chain Finance solutions for Fortune 500 companies and their suppliers. With over 31 years of knowledge, experience and credibility serving the minority business community. We provide several financial solutions receivables, purchase order and supply chain financing that allow small & diverse businesses to grow by managing cash flow effectively. In 2019, MBE Capital financed over $1.7B in Fortune 500, city, state and federal debt. On average, our clients have experienced 27% year over year growth.

ABOUT EQUITRUST

In June of 2015, Earvin “Magic” Johnson became majority owner of EquiTrust Life Insurance, the largest minority-owned life insurance company in the history of the country at $22 billion in assets. EquiTrust Life Insurance Company is a trusted provider of life insurance and annuity products with a strong track record of operating performance. We are a national carrier of competitive, client-friendly options, available through various distribution channels including more than 23,800 independent sales representatives and independent marketing organizations. EquiTrust offers fixed-rate and indexed annuities and life insurance and is headquartered in Chicago with operations in West Des Moines.

ABOUT NNPA

The National Newspaper Publishers Association (NNPA) headquartered in Washington, DC was founded in1940 and today is the nation’s largest and oldest trade association of African American owned newspaper businesses and media companies. The weekly readership of the NNPA is over 22.4 million readers per week. The NNPA also has the largest African American owned digital network in the United States. The NNPA’s www.BlackPressUSA.com is a leading global portal for vital news information relevant to people of African descent and others throughout the world. Dr. Benjamin F. Chavis, Jr. is NNPA President and CEO and Karen Carter Richards is NNPA Chair.

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EXCLUSIVE OP-ED: President Joe Biden Commemorating Juneteenth

BLACKPRESSUSA NEWSWIRE — “I’ve always believed that we need to be honest about our history, especially in the face of ongoing efforts to erase it. Darkness can hide much, but it erases nothing. Only with truth can come healing, justice, and repair.”

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By Joseph R. Biden, Jr.
46th President of the United States: 2021—2025

The people of Galveston, Texas, have been commemorating Juneteenth since the Civil War ended. Yesterday, in honor of the 160th anniversary, I went there to join them.

You can read about the events of Juneteenth, but there’s nothing quite like going to Galveston and seeing where it all happened.

After General Robert E. Lee surrendered at Appomattox Court House on April 9, 1865, Union troops marched across the South for two months, freeing enslaved people along the way. Their final stop was Galveston, an island off the Gulf coast of Texas. There, on June 19, 1865, Union troops went to Reedy Chapel, a church founded in 1848 by enslaved people, and posted a document titled simply “General Order #3.”

“The people of Texas are informed,” it said, “that, in accordance with a Proclamation from the Executive of the United States, all slaves are free.”

We can only imagine the joy that spread through Galveston – and across the state and nation – on that day and those that followed.

Yesterday, there was once again joy in Galveston, with a parade, picnic, and fireworks. There was also great solemnity, because Juneteenth is a sacred day – a day of weight and power.

The Book of Psalms tells us: “Weeping may endure for a night, but joy cometh in the morning.” Juneteenth marks both the long, hard night of slavery and subjugation, and the promise of that joyful morning to come.

As President, I had the great honor of signing the law declaring Juneteenth a federal holiday. It was our nation’s first new federal holiday since Martin Luther King, Jr. Day was created in 1983.

Our federal holidays say a lot about who we are as a nation. We have holidays celebrating our independence… the laborers who build this nation… the servicemembers who served and died in its defense.

And now, we also have a national holiday dedicated to the emancipation of enslaved Black Americans.

Signing that law was one of my proudest acts as President.

Yet for 156 years, Juneteenth was not written about in textbooks or taught in classrooms. Still today, there are those who say it does not deserve a holiday. They don’t want to remember the moral stain of slavery and the terrible harm it did to our country.

I’ve always believed that we need to be honest about our history, especially in the face of ongoing efforts to erase it. Darkness can hide much, but it erases nothing. Only with truth can come healing, justice, and repair.

I also believe that it’s not enough to commemorate the past. We must also embrace the obligation we have to the future. As Scripture says, “Faith without works is dead.” And right now, we Americans need to keep the faith and do the work.

In honor of Juneteenth, let’s help people register to vote.

For decades, we fought to expand voting rights in America. Now we’re living in an era when relentless obstacles are being thrown in the way of people trying to vote. We can’t let those tactics defeat us. In America, the power belongs with the people. And the way we show that power is by voting.

So let’s reach out to family, friends and neighbors – especially those who have never voted before. Remind them that with voting, anything is possible. And without it, nothing is possible.

Yesterday in Galveston, we gathered in Reedy Chapel to commemorate Juneteenth, just like people have done for 160 years and counting. We prayed, sang, and read General Order #3 again. The pews were full of families. How many people must have prayed for freedom inside those walls. How many must have sent fervent thanks to God when slavery finally ended.

I remembered the words of my late friend John Lewis. He said, “Freedom is not a state. It is an act.”

Juneteenth did not mark the end of America’s work to deliver on the promise of equality. It only marked the beginning. To honor the true meaning of Juneteenth, we must continue to work toward that promise. For our freedom. For our democracy. And for America itself.

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Cities Across the U.S. Shrink or Cancel Juneteenth Events as DEI Support Wanes

BLACKPRESSUSA NEWSWIRE — Across the country, Juneteenth celebrations are being scaled back or eliminated as public funding dries up and corporations withdraw sponsorship.

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By Stacy M. Brown
Black Press USA Senior National Correspondent

Across the country, Juneteenth celebrations are being scaled back or eliminated as public funding dries up and corporations withdraw sponsorship. In many communities, the once-growing recognition of the holiday is facing sharp resistance tied to the unraveling of diversity, equity, and inclusion efforts.

In Denver, Colorado, the annual Juneteenth Music Festival, one of the largest in the nation—was cut from two days to one. Organizers said more than a dozen corporate sponsors walked away from commitments, leaving them with a financial gap that almost canceled the event. Norman Harris, the festival’s executive director, said several companies “pulled back their investments or let us know they couldn’t or wouldn’t be in a position to support this year.” Harris credited grassroots donors and small businesses for stepping in when larger backers stepped aside.

In Colorado Springs, the local celebration was relocated to the Citadel Mall parking lot after support from previous sponsors disappeared. Organizers noted that where there were once dozens of corporate partners, only five remained. The downsized event was pieced together with limited resources, but community leaders said they refused to let the holiday go unacknowledged.

Scottsdale, Arizona, canceled its Juneteenth observance after the city council voted to dissolve its diversity, equity, and inclusion office in February. Without the office in place, the city offered no support for planning or funding, leaving residents without an official celebration.

In San Diego, the Cooper Family Foundation lost a $25,000 grant from the National Endowment for the Arts that had been earmarked for Juneteenth programming. Organizers said the decision forced them to personally finance key elements of the event, including cultural exhibits, performances, and youth engagement activities.

Bend, Oregon, called off its Juneteenth event entirely. Organizers cited political tensions and safety concerns, saying they could not secure the partnerships needed to proceed. A public statement from the planning committee described the current climate as “increasingly volatile,” making it difficult to host a safe and inclusive event.

West Virginia, which has recognized Juneteenth as a paid state holiday since 2017, will not sponsor any official events this year. State leaders pointed to budget constraints and recent decisions to eliminate DEI programming across agencies as the reasons for stepping away from public observance.

Austin, Texas, has also reduced its Juneteenth programming. While the city has not canceled events outright, organizers said diminished city support and fewer private contributions forced them to focus only on core activities.

“Thankfully, there was a wide range of support that came when we made the announcement that the celebration is in jeopardy,” said Harris. “But it shows how fragile that support has become.”

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Juneteenth and President Trump

BLACKPRESSUSA NEWSWIRE — Juneteenth is a day for African Americans in this nation to connect to their ancestry. It honors the end of slavery in the United States and is considered the longest-running African American holiday. The primary focus is freedom and the emancipation of enslaved people in the United States.

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By April Ryan
BlackPressUSA.com Newswire Washington Bureau Chief and White House Correspondent

President Trump is set to proclaim the federal observance of Juneteenth as the White House is open for business on this holiday. The White House says the president will sign a “historic proclamation designating Juneteenth as a National Day of Observance, marking the 160th anniversary of General Order Number 3 in Galveston, Texas.” The declaration was that “all slaves are free.” This Trump proclamation, according to the White House, “will celebrate the Emancipation Proclamation, the Republican Party’s role in passing the 13th Amendment, and reaffirm the administration’s dedication to equal justice and prosperity for all.”

This proclamation comes as President Trump has denounced Diversity, Equity, Inclusion, and anything Woke. Juneteenth is a celebration of freedom from the tyranny of 250 years of slavery after the Civil War.

The Juneteenth celebration started when Union troops reached Galveston, Texas, and told the slaves that they were free on June 19, 1865, two years after the Emancipation Proclamation was created.

The Emancipation Proclamation, which is on display in the Lincoln Bedroom of the White House, was issued by President Abraham Lincoln on January 1, 1863. It established that all enslaved people in Confederate states in rebellion against the Union “shall be then, thenceforward, and forever free.”

Juneteenth is a day for African Americans in this nation to connect to their ancestry. It honors the end of slavery in the United States and is considered the longest-running African American holiday. The primary focus is freedom and the emancipation of enslaved people in the United States.

The Juneteenth federal holiday was signed into law by then-President Joe Biden on June 19, 2021. This Trump White House is in full swing today, with a press briefing by Karoline Leavitt, not taking the federal holiday off. Also, President Trump will receive an intelligence briefing in the morning and participate in a swearing-in ceremony for the U.S. Ambassador to Ireland.

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