Lowe’s Home Improvement just contributed to LISC’s relief efforts to help people of color’s small businesses and rural area businesses, LISC reported.
The home improvement retailer had just contributed $55 million to LISC’s relief program supporting businesses affected by the coronavirus.
According to LISC, $30 million of Lowe’s contribution will support minority entrepreneurs.
The $25 million, on the other hand, will be granted to businesses in rural communities.
The money, via a grant, will help small businesses sustain their business operations and prepare for recovery, amid the pandemic.
Grant recipients will also get a year of technical assistance to ensure its long-term sustainability and survival, said LISC.
Lowe’s commitment is a “game-changer for rural America,” said Maurice Jones, CEO, and president of LISC.
Grant aspirants can send their applications on August 3.
Commitment to Support Minority Small Businesses
The coronavirus pandemic affected a lot of businesses, especially small businesses in rural communities.
According to a survey by Main Street America, around 7.5 million small businesses are at risk of permanently closing.
The company holds on to its commitment to support “minority small businesses,” said Marvin Ellison, Lowe’s CEO in a statement.
Specifically, those “disproportionately” affected by the pandemic.
However, it is not enough to support all small businesses, Ellison said.
Ellison also encouraged other companies to support smaller businesses to “make a meaningful difference.”
Continuous Assistance for People During the Pandemic
Lowe’s assistance to small businesses is not the first time the company helped those who are affected by the pandemic.
The company has now committed almost $600 million in assistance to its associates and communities, as per its press release.
Previously, the company announced that it will give a hundred million dollars to help its associates.
The new assistance to its associates will help them go through “unforeseen expenses and hardships.”
The assistance will be given to them as a bonus and will commence in August.
The company also assisted frontliners during the pandemic, as per the press release.