SBA requires a business hazard insurance policy for an EIDL loan

business hazard insurance required by SBA
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Small businesses receiving Economic Injury Disaster Loans will require the coverage. The Small Business Administration (SBA) is requesting that applicants for Economic Injury Disaster Loans (EIDLs) provide proof of hazard insurance, which is a type of business owners policy insurance. Business owners are advised to inform themselves about how much insurance they need for an SBA loan. The SBA is requesting hazard insurance from applicants applying for EIDLs. Therefore, small businesses will find it worth their while to learn about this type of coverage, how to get it, and how…

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Magic Johnson’s EquiTrust Life Insurance funds over $100 million in small business loans

EquiTrust Life Insurance - Magic Johnson with the US Navy

The former NBA All-Star’s insurer is focusing on supporting women- and minority-owned companies. Magic Johnson’s EquiTrust Life Insurance Co and MBE Capital Partners, a nonbank lender from New Jersey, is providing $100 million in funding for minority and women-owned companies. This is a component of the Small Business Administration’s struggling Paycheck Protection Program. According to Johnson in a Wall Street Journal interview, he heard that small businesses were having a hard time gaining access to Paycheck Protection Program (PPP) loans. One of the larger companies that was successful in obtaining…

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