Lowes Grants Money
Lowes is committed to making homes better for everyone. And our definition of home extends to our neighborhoods and communities, particularly in our hometown – the greater Charlotte, North Carolina area.
Founded in 1957, Lowe’s Charitable & Educational Foundation has long served communities across the country. For over 60 years the foundation supported the public education of K-12 together with other community projects.
Recently, however, the focus has shifted to providing better service to our communities by aligning with our commitment to safe, affordable housing and the training of craftsmen.
Lowes Grants Money
In 2019 the Lowe’s Charitable & Educational Foundation transformed into the Lowe’s Foundation with a renewed commitment to doing more in our hometown.
In 2020, Lowes announced a $10.25 million commitment to the Charlotte area. The commitment in the form of funds from both Lowes and the Lowes Grants Foundation and products made available to nonprofits.
It supports some of the most important challenges Charlotte faces today: safe, affordable housing, Further development of the specialist trade, Providing access to technology, and helping small businesses hardest hit by the COVID-19 pandemic.
The Lowe’s Foundation is a separate 501c organization led by an independent board of directors and governed by the Articles of Association.
How The Lowes Grant Launched?
Lowe’s Small Business Grant program was launched in response to the need to support local small businesses affected by the COVID-19 pandemic. Lowe’s announced that it will increase its minority small business grant from $26 million to $32 million while donating an additional $28 million.
Local Initiatives Support Corporation (LISC) small business grant program. The additional funding will be focused on rural communities hard hit by the pandemic.
With a total of $58 million, Lowes is the largest donor to the LISC Small Business Aid and Recovery program and the COVID-19 Rapid Relief and Resilience Fund.
According to a Main Street America survey 7.6 million small businesses across the country are at risk of permanent shutdowns. Small businesses in rural communities often face greater challenges due to limited access to bank credit, capital and other support services.
Purpose Of Lowes Grants
For the purposes of these grants, rural communities are defined based on the USDA standard for rural development of a population of 50,000 or less. Businesses in Buena Vista, Poncha Springs, and Salida are eligible under these standards.
These Lowes grants provide immediate relief for critical needs such as rent, payroll, and operating expenses, and connect both applicants and fellows to a network of local organizations for small business development, support, advocacy, and capital access. The scholarship holders receive technical support one year after the scholarship to ensure their long-term survival.
I grew up in a small town and have firsthand knowledge of the extraordinary challenges small business owners in rural communities across the country are facing during the pandemic, said Marvin R. Ellison, President and CEO of Lowe.
We continue to work to support small minority businesses that are disproportionately affected. Today’s announcement that we are increasing our minority grant commitment to $30 million while making an additional $25 million donation to rural communities reflects our commitment to doubling our small business grant program and is another Step to take action in support of all of the communities we serve.
Ellison continued, “We cannot solve this need alone, and I encourage other companies to advocate for small businesses that are the cornerstone of our economy. Together we can make a meaningful difference, especially for those in historically disinvested communities and areas hardest hit by COVID-19.
Who Are The Eligible Applicants?
Currently, only small businesses in rural communities are eligible. Rural communities have a population of 50,000 or less. A parish is defined as the city in which your business address is located. If the company is mobile (a food truck, fishing boat, passenger, etc.) please use the address where your vehicle is stored outside of business hours.
All potential applicants are encouraged to read our FAQ and provide information before applying. Nonprofits are not currently eligible for the relief funding program, but may be eligible for later funding rounds. Applications are accepted in “rounds”. You must submit a new application for each round in order to be considered for funding in that round.
We will support small businesses and businesses affected by Covid-19 across the country, especially in underserved communities, including entrepreneurs in paint, women and veteran businesses who often lack access to flexible, affordable capital.
Applications are screened against criteria designed to prioritize particularly demanding companies, and the final scholarship holders are selected at random from those with the highest score.
- Apply Lowes Grants Foundation and Lowe’s Corporate Support.