By Colin Kellaher
Lowe's Cos. on Thursday said it is more than doubling its small-business grant program to $55 million in response to the economic fallout from the coronavirus pandemic.
The Mooresville, N.C., home-improvement retailer said it is increasing its grants to small businesses owned by minorities to $30 million from $25 million and committing another $25 million to small businesses in rural areas.
Lowe's said small businesses owned by minorities are being disproportionately impacted by the pandemic, while those in hard-hit rural communities often face more hurdles than their urban counterparts due to limited access to bank credit, capital and other support services.
Lowe's said the grants will provide immediate relief for critical needs such as rent, payroll and operational expenses to keep small businesses running. The company noted that a recent survey by Main Street America found that 7.5 million small businesses around the country may be at risk of closing permanently.
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