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Thanks to a $55 million significant commitment grant from Lowe’s, the Local Initiatives Support Corporation (LISC) will be providing emergency grant assistance to small businesses who are feeling financial pressure because of the COVID-19 pandemic. LISC and Lowe’s stated that $30 million of the grant will focus on small businesses owned or led by minorities and women, who often lack access to affordable capital, and the remaining $25 million will support enterprises in rural communities, which typically face even more hurdles than their urban counterparts due to limited access to bank credit, capital and other support services.
Small businesses who apply could receive grants of $20,000 to help meet their most immediate needs. Eligible expenses include paying rent and utilities, meeting payroll, paying outstanding debt to vendors, upgrading technology infrastructure and other immediate operational costs. For more information about the grants or how to apply, visit https://www.lisc.org/covid-19/small-business-assistance/small-business-relief-grants/lowes/