(RTTNews) - Home improvement retailer Lowe's Companies Inc. (LOW) increased its minority small business grants to $30 million from $25 million, while donating an additional $25 million to its small business grant program with the Local Initiatives Support Corporation or LISC, doubling the amount already committed.
Select Lowe's stores in North Carolina and Georgia, would host drive-in movies to benefit local small business relief efforts for those impacted by COVID-19.
Lowe's President and CEO Marvin Ellison, said, "We cannot solve this need alone, and I encourage other companies to step up and make a difference in supporting small businesses, which are the cornerstone of our economy. Together, we can make a meaningful difference, especially for those in historically disinvested communities and areas hit hardest by COVID-19."
For any donation made, Lowe's said it would match 2-to-1 up to $50,000 to its grant program. These grants would provide immediate relief for critical needs such as rent, payroll and operational expenses to keep businesses running, the company said.
In addition, these grant recipients would receive one year of technical assistance post-grant to help further ensure their survival over the longer-term.
Maurice Jones, LISC president and CEO, said, "With it, we can help rural business owners sustain operations and protect jobs during the current crisis, while at the same time investing in sustainable growth throughout small towns, agricultural communities and coal country."