Lowe's More Than Doubles Small-Business Grant Program to $55 Million
July 16 2020 - 8:49AM
Dow Jones News
By Colin Kellaher
Lowe's Cos. on Thursday said it is more than doubling its
small-business grant program to $55 million in response to the
economic fallout from the coronavirus pandemic.
The Mooresville, N.C., home-improvement retailer said it is
increasing its grants to small businesses owned by minorities to
$30 million from $25 million and committing another $25 million to
small businesses in rural areas.
Lowe's said small businesses owned by minorities are being
disproportionately impacted by the pandemic, while those in
hard-hit rural communities often face more hurdles than their urban
counterparts due to limited access to bank credit, capital and
other support services.
Lowe's said the grants will provide immediate relief for
critical needs such as rent, payroll and operational expenses to
keep small businesses running. The company noted that a recent
survey by Main Street America found that 7.5 million small
businesses around the country may be at risk of closing
permanently.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
July 16, 2020 09:34 ET (13:34 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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