Home Improvement Retailer Lowe’s is Funding $25M in Grants to Help Minority Businesses

Lowe’s CEO has made a praise worthy move. The company is funding $25 million in grants to help minority businesses reopen.

“These are going to be minority businesses and other businesses that are now starting to reopen,” Lowe’s CEO Marvin Ellison said. “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,” he said in a “Mad Money” interview this week.

“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,” he said.

Lowe’s had delivered $80 million in special payments to hourly workers in March.

Another $80 million has been approved for workers this month, which breaks down to $300 for full-time and $150 for part-time employees. The company’s profit-sharing payout in June will exceed $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,” the CEO remarked.

“Our culture is about doing the right thing for our communities and our associates.”

Lowe’s has also provided $340 million for Covid-19 response activities in the first quarter.

Recently former NBA player Earvin “Magic” Johnson made a $100 million commitment through his majority ownership in EquiTrust Life Insurance Company, to work with MBE Capital Partners to help minority and women business owners who have had a hard time getting their hands on capital in the Payroll Protection Program.

Ellison added, “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.”

Disclaimer: We have no position in Lowe’s Companies, Inc. (NYSE: LOW) and have not been compensated for this article.