To provide aid for the small businesses struggling to remain open and to keep employees paid during the ongoing coronavirus (COVID-19) pandemic, Lowe’s opened its first round of grant applications in its previously announced $25 million commitment to provide relief for minority-owned businesses. The home-improvement retailer’s donation will fuel emergency grants and other assistance to help owners navigate business during the challenging economic circumstances.
The Local Initiatives Support Corporation (LISC), a community development organization, will manage the process of vetting applications for grants targeted towards 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,” Lowe’s president and CEO Marvin Ellison said in a news release. “Helping people make their homes better extends beyond our walls and into our neighborhoods, communities, and country. We’re proud these grants will help minority- and women-led small businesses, many of which have been disproportionately impacted by the pandemic. The 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.”
Lowe’s announcement is the next step in its $50 million commitment to support communities during the pandemic, including providing more than $10 million in essential protective products to medical workers. The home-improvement retailer also has provided personal protective equipment to minority businesses reopening.
LISC has raised more than $17 million for COVID-19 rapid relief grants and helped 955 organizations access nearly $91 million from the Paycheck Protection Program (PPP). Under the PPP, small businesses—companies with 500 employees or fewer—can apply for partially forgivable loans that can cover operating and other related expenses.
