Investment and Impact: Recapping Lowe’s $55 million commitment to small businesses

When the severity of the COVID-19 pandemic and its impending impact on small businesses became clear, Lowe’s felt compelled to act.

The company identified an effective way to help through an extraordinary partnership with the Local Initiatives Support Corporation (LISC).

“Small businesses are the cornerstone of our economy, and they reflect who we are as Americans,” said Janice Dupré, Lowe’s executive vice president of human resources. “When they struggle or fail, it has a ripple effect throughout the communities where our associates and our customers live and work. We knew many small businesses were not going to survive the pandemic if they couldn’t get help.”

The final numbers reveal the impact.

Lowe’s committed a total of $55 million, granted to 2,782 small businesses; 89 percent are entrepreneurs of color; 67 percent of businesses are woman-owned; 67 percent are located in distressed areas.

“It’s a fundamental question of equity – we wanted to help minority-led businesses access opportunities that might not otherwise be available,” Dupré said.

The partnership with LISC helped Lowe’s put a plan into action swiftly. The scale was unlike anything Lowe’s had done before, but the challenge was met, and thousands of small businesses received aid when they needed it most.

“The feedback from business owners and community leaders has been remarkable,” Dupré said. “For Lowe’s and LISC, our hearts were aligned on getting this done as quickly as possible. I think our model demonstrates possibility for other companies, too. Even in uncertain circumstances, when you are solutions-oriented and have a heart for responding to challenges, you can find the answer. We didn’t know how to do this, but in about two weeks, we had it up and running. We’re proud that our partnership with LISC has given nearly 2,800 small businesses a lifeline during a very difficult time and, we hope, optimism for a brighter future.”

Continue reading below and click to learn more about some of the small businesses that benefited from the emergency relief grants.