Home-improvement retailer Lowe's has increased its minority small business grants to $30 million from $25 million and donated an additional $25 million to its small business grant program with the Local Initiatives Support Corporation (LISC), double its funds committed. The retailer said the additional funds will focus on rural communities that have been hit hard by the coronavirus (COVID-19) pandemic.
Lowe's said it would host drive-in movies at select stores in North Carolina and Georgia this summer to benefit local small business relief efforts for those impacted by COVID-19. The retailer will match any donation made two-to-one up to $50,000 to its grant program.
"Having grown up in a small town, I have first-hand knowledge of the extraordinary challenges small business owners in rural communities across the country face during the pandemic," Lowe's president and CEO Marvin Ellison said in a news release. "We also remain committed to supporting minority small businesses that are being disproportionately impacted. [The] announcement that we are increasing our minority grant commitment to $30 million while making an additional $25 million grant donation to rural communities reflects our commitment to double down on our small business grant program and is another step in putting actions behind our words to support all the communities we serve."
A survey conducted by Main Street America suggests nearly 7.5 million small businesses nationwide may be at risk of closing permanently. Small businesses located in rural areas often face more hurdles than those in urban settings due to limited access to bank credit, capital, and other support services.
"This remarkable commitment from Lowe's is a game changer for rural America, and as a someone who grew up in a small rural town, I know directly the impact this investment is going to make for the future of rural businesses, residents and communities," Maurice Jones, LISC president and CEO, said. "With it, we can help rural business owners sustain operations and protect jobs during the current crisis, while at the same time investing in sustainable growth throughout small towns, agricultural communities and coal country."
The grants funded by Lowe's will provide relief in critical areas such as rent, payroll, and operational expenses to keep small businesses running. The donation will also help connect applicants and grantees to a network of local small business development, support, and capital access organizations. Grant recipients will receive a year of technical assistance post-grant to help further ensure their business's survival in the long run.
