What Does Lowe’s Do for the Community?

The Lowe’s Small Business Grant is all about supporting local communities and boosting economic growth. Throughout 2020, small businesses, vital to their communities, struggled due to the financial strain of COVID-19. 

Lowe's Small Business Grant

This was particularly tough on rural areas, which not only dealt with the pandemic but also faced natural disasters like hurricanes, wildfires, and floods, making their situations even more difficult. 

Keep reading to learn about the grant’s benefits and who can apply.

Lowe’s Small Business Grant

LISC and Lowe’s have joined forces to support small businesses in rural America through the Rural Relief Small Business Grants program. 

This initiative aims to empower entrepreneurs in rural areas by providing them with financial assistance.

Small business owners located in rural regions across the nation can apply for grants worth $20,000. 

These grants aim to tackle the most urgent needs of rural businesses, which include:

  • Covering Overheads
  • Supporting Employees
  • Settling Debts
  • Technology Upgrades
  • Meeting Operational Costs

How Does the Grant Work?

Applications are accepted in rounds, meaning you need to submit a new application for each round if you want to be considered for funding in that specific round.

The aim is to assist small businesses and enterprises impacted by COVID-19 throughout the nation, with a focus on supporting underserved communities. 

This includes prioritizing entrepreneurs of color, women-owned businesses, and those owned by veterans, who often face challenges accessing affordable capital.

Applications will undergo a review process based on specific criteria designed to identify businesses facing significant challenges. 

Final grant recipients will then be randomly selected from the top-scoring applicants.

Who is Eligible for the Lowe’s Small Grant?

To qualify for the grant, your business needs to be situated in a rural area, specifically defined as having a population of 50,000 or less.

You need to be at least 18 years old to apply and can only apply for one business. If you own multiple businesses, apply based on your largest one.

Businesses in historically underserved communities without easy access to affordable capital will be given priority.

Non-profit organizations aren’t eligible for this grant, but they might be eligible for future rounds of funding.

Your eligibility depends on submitting accurate and complete information.

What’s the Conflict of Interest in the Grant?

To avoid conflicts of interest, certain individuals are not eligible to apply for the grant. 

This includes current directors, officers, employees, and contractors of LISC, as well as their family members (spouse, parents, children, grandchildren, great-grandchildren, and the spouses of children, grandchildren, and great-grandchildren).

Additionally, applicants must confirm that they have no conflicts of interest with any donors or funders involved in the specific round of funding they are applying for. 

A list of these donors and funders will be provided, and applicants must disclose any connections they may have with them.

This ensures fairness and transparency in the grant application process.

Importance of the Lowe’s Small Business Grant

Importance of the Lowe's Small Business Grant

The Lowe’s Small Business Grant is crucial for several reasons. 

The management of these grants falls under the responsibility of the Local Initiatives Support Corporation (LISC), which stands as the nation’s largest community development organization.

They’ll sift through applications to provide vital assistance to minority- and women-led small businesses.

Lowe’s dedication to supporting minority-owned businesses is noteworthy, as they are the backbone of their economy.

Moreover, Lowe’s commitment extends beyond business, aiming to improve homes and communities. 

These grants are important at this moment, considering how the pandemic has disproportionately affected businesses led by minorities and women.

The grants offer instant help for urgent needs. 

They also link applicants and recipients to local organizations that support small businesses, providing development, assistance, advocacy, and access to funds

Those who receive grants will get a year of additional support to help them stay afloat in the long run.

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