Lowe’s has announced that it would support minority-owned businesses with grants of $25 million to support efforts to restart the American economy.
Lowe’s is availing the funds to support small businesses, particularly home improvement professionals that are in need of personal protective equipment, masks and other supplies to safely operate safely. This new grant follows the $340 million of aid the home improvement retailer offered for Covid-19 response activities in the first quarter.
While talking about the recipients of the funds, CEO Marvin Ellison, said during a Mad Money interview that “These are going to be minority businesses and other businesses that are now starting to reopen. So we just want to continue to not only run a good business but also be a great corporate citizen in all of the communities that we operate in.”
“To all my fellow CEOs out there running large companies: Let’s do our part to help the small businesses get back up and going,” Ellison added.
The $25 million grants from Lowe’s doubles the amount it has released for coronavirus response. The company announced $25 million in support for customers, workers and communities in March. The $25 million included $10 million doled out for acquisition of PPE to medical professionals on the front lines of the war against coronavirus.
The company remained open when nonessential businesses were coerced to shut down operations owing to the rapid spread of coronavirus spread rapidly in the United States. The company paid special payments of $80 million to hourly workers in March.
In the same vein, another $80 million was approved for workers in May. Ellison said the company’s profit-sharing payout this month will be more than $90 million.
Ellison said: “It’s all about trying to do what is best for our associates first and our community, and we’re proud that we could be there for them in these really unique times.”
“Our culture is about doing the right thing for our communities and our associates.”
A lot of businesses are expected to close down permanently, owing to the coronavirus-induced factors that destroyed the economy of the United States and global markets. Many businesses that have decided to reopen will have to cross many hurdles.
As the country’s economy is partially reopened, Lowe’s has advised other businesses that are seeking to operate in the new normal. The company gave out the guidelines it used to operate safely during the pandemic to the Retail Industry Leaders Association.
While talking about why the company gave out guidelines, Ellison said: “We gave it to them to share with other retailers because the only competition that we have is the virus. We have to work together to get this economy going, and my message to America is: Support your local businesses, support your small businesses and let’s do our part to maintain social distancing so we can get this virus behind us as quick as possible.”
