MOORESVILLE, N.C., June 11, 2020 /PRNewswire/ -- As thousands
of small businesses struggle to keep their doors open and their
employees paid amid economic devastation caused by the COVID-19
pandemic, Lowe's Companies, Inc. (NYSE: LOW) today opened its first
round of grant applications in its previously announced
$25 million commitment to provide
much-needed relief to minority-owned businesses.
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 Local
Initiatives Support Corporation (LISC), the nation's largest
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 R. Ellison.
"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. 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."
LISC President and CEO Maurice A.
Jones applauded Lowe's ongoing commitment, noting 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," said Jones.
He 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 are businesses owned by
minorities, veterans and women. Forty percent 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. "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."
Today's 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 (PPE) to minority businesses reopening.
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 (PPP) loans—including nearly
200 PPP loans funded by LISC. LISC's COVID-19 efforts continue to
focus on support for small businesses and nonprofits led by women
and minorities in economically vulnerable communities.
For more on the LISC-Lowe's partnership or to apply for a grant,
visit LISC.org/lowes.
About LISC
With residents and partners, LISC forges
resilient and inclusive communities of opportunity across America –
great places to live, work, visit, do business and raise families.
Since 1979, LISC has invested $22
billion to build or rehab more than 419,000 affordable homes
and apartments and develop 70.3 million square feet of retail,
community and educational space. For more, visit www.lisc.org.
About Lowe's
Lowe's Companies, Inc. (NYSE: LOW) is a
FORTUNE® 50 home improvement company serving approximately 18
million customers a week in the United
States and Canada. With
fiscal year 2019 sales of $72.1
billion, Lowe's and its related businesses operate or
service more than 2,200 home improvement and hardware stores and
employ approximately 300,000 associates. Based in Mooresville, N.C., Lowe's supports the
communities it serves through programs focused on creating safe,
affordable housing and helping to develop the next generation of
skilled trade experts. For more information, visit Lowes.com.
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SOURCE Lowe's Companies, Inc.