Lowe's assisting small businesses
Lowe’s is accepting grant applications in an effort to provide relief to minority-owned businesses.
With small businesses struggling across the country following the economic crisis caused by the COVID-19 pandemic. Lowe’s is looking to lend a hand through part of a $25 million commitment.
Lowe's said its donation will fuel emergency grants in historically under-served communities, as well as other assistance, to help owners navigate business challenges during the pandemic.
The Local Initiatives Support Corporation (LISC), a community development organization, will manage the process of vetting applications for grants that will bring critical aid to minority- and women-led small businesses.
"Lowe's has been committed to helping minority small business owners – the very backbone of our economy – rebound from the COVID-19 pandemic's devastating impact," said Lowe's President and CEO Marvin Ellison. "Helping people make their homes better extends beyond our walls and into our neighborhoods, communities and country.”
According to LISC President and CEO Maurice Jones, investment of public and private resources will spur economic recovery and bridge opportunity gaps that affect millions of Americans.
“We're proud these grants will help minority- and women-led small businesses, many of which have been disproportionately impacted by the pandemic,” Jones said. “This commitment is far more than a moment in time – it's a reflection of who we have been and will continue to be as a company."
Jones noted that when LISC began offering small business rapid relief grants in April, it saw more than 50,000 applications in the first four days, and another 200,000 for subsequent funding. Two-thirds of the initial applicants are businesses owned by minorities, veterans and women. About 40% are in distressed locations, and nearly half have been in business for more than 10 years.
"Our country's small businesses are the backbones of rural and urban communities," Jones said.
This is the latest step in Lowe's $50 million commitment to support communities during the pandemic, including providing more than $10 million in essential protective products for medical workers.
For more on the LISC-Lowe's partnership or to apply for a grant, visit LISC.org/lowes.