Small businesses who are facing financial pressures due to COVID-19 across the United States can now apply for relief grants from Lowe’s Companies Inc. LOW.
What Happened: The retail company has reportedly joined hands with a non-profit organization Local Initiatives Support Corporation (LISC). Lowe had earlier provided a $55 million commitment grant to the group through which LISC is now providing emergency grant assistance that small businesses desperately need to stay afloat.
Why It's Important: The group has allocated $30 million to assist small business owners or enterprises led by minorities and women. The remaining $25 million is allocated in supporting enterprises in rural communities.
LISC is now providing grants up to $20,000 to small business owners who might need it for:
- Paying rent and utilities
- Meeting payroll
- Paying outstanding debt to vendors
- Upgrading technology infrastructure
- Other immediate operational costs
Lowe’s President and CEO Marvin Ellison, while commenting on the partnership said, "Together, we can make a meaningful difference, especially for those in historically disinvested communities and areas hit hardest by COVID-19.”
What's Next: Business owners can now apply for the grant until Monday, as 3rd August is the application deadline. Those who are willing to apply can click here for more details on the application.
Related Links: Lowe's boosts total pandemic assistance to nearly $600 million with additional bonus to support frontline associates in August
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