Lowe's To Give $25M In Grants To Minority-Owned Businesses

ILLINOIS — As small businesses struggle to remain afloat amid the pandemic, Lowe's opens applications for the first wave of its minority small business grants, according to a news release on Wednesday.

The company had announced last month that it would provide an additional $25 million in grants to provide much-needed relief to minority-owned businesses.

"The hard work, tireless efforts and innovative spirit of our more than 300,000 associates have allowed us to significantly change many aspects of our business quickly to serve communities throughout the pandemic," said Joe McFarland, Lowe's EVP of stores in the May news release. "Our additional $25 million commitment to COVID-19 relief expands our support of small business as we look to help the country recover from this pandemic."

Lowe's donation will fuel emergency grants in historically underserved communities, as well as other assistance, to help owners navigate business challenges during the pandemic, the Wednesday release stated.

The company has partnered with the Local Initiatives Support Corporation, the nation's largest community development organization, that will manage the process of vetting applications for grants, bringing critical aid to minority- and women-led small businesses.

"They require capital, right now, if they are to continue to provide vital goods and services to their customers and help drive long-term recovery and growth," LISC CEO Maurice A. Jones in the release. "We are grateful to Lowe's for their strong commitment to doing just that."

This announcement is the next step of Lowe's $50 million commitment to support communities during the pandemic, including providing more than $10 million in essential protective products for medical workers, purchasing $1 million worth of flowers from small business growers to be donated and delivered to senior living facilities for Mother's Day, and providing personal protective equipment to minority businesses reopening.

"Helping people make their homes better extends beyond our walls and into our neighborhoods, communities and country," said Lowe's President and CEO Marvin R. Ellison "We're proud these grants will help minority- and women-led small businesses, many of which have been disproportionately impacted by the pandemic. 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."

To date, LISC has raised more than $17 million for COVID-19 rapid relief grants and helped 955 organizations access $91 million in federal Paycheck Protection Program loans.

Jones said that it will take a robust investment of public and private resources to spur economic recovery and bridge opportunity gaps that affect the well-being of millions of Americans.

"The need for this kind of relief is overwhelming,” he said.

He also noted that when LISC began offering small business rapid relief grants in April, it saw more than 50,000 applications in just the first four days, and another 200,000 for subsequent funding.

Two-thirds of the initial applicants were businesses owned by minorities, veterans and women. Forty percent were in distressed locations, and nearly half had been in business for more than 10 years, he said.

"Our country's small businesses are the backbones of rural and urban communities," Jones said. "They require capital, right now, if they are to continue to provide vital goods and services to their customers and help drive long-term recovery and growth. We are grateful to Lowe's for their strong commitment to doing just that."