In its efforts to support small businesses, Lowe’s is increasing its minority small business grants from $25 million to $30 million while donating an additional $25 million to its small business grant program with the Local Initiatives Support Corp., doubling the amount already committed.
The additional funds will focus on businesses in rural communities, which have experienced a rise in COVID-19 cases. The total $55 million commitment makes Lowe’s the largest donor to LISC’s Small Business Relief & Recovery Program as well as the COVID Rapid Relief & Resiliency Fund.
In addition, this summer, select Lowe’s stores in North Carolina and Georgia will host drive-in movies to benefit local small business relief efforts. For any donation made, Lowe’s will provide a 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,” said Lowe’s president and CEO Marvin Ellison. “We also remain committed to supporting minority small businesses that are being disproportionately impacted. Today’s 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. We cannot solve this need alone, and I encourage other companies to step up and make a difference in supporting small businesses, which are the cornerstone of our economy. Together, we can make a meaningful difference, especially for those in historically disinvested communities and areas hit hardest by COVID-19.”