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Lowe’s plans to provide millions in financial support to small businesses in North Carolina that were hit hard by Hurricane Helene, helping them recover during the holiday season after federal relief temporarily dried up.
The $2.5 million fund will provide grants directly to small businesses in the state. It will also provide support to local business development organizations in advancing their work to help businesses navigate disaster relief aid. The fund is part of the company’s $12 million pledge to support relief and recovery efforts in the wake of Helene and Hurricane Milton.
The home improvement retailer is headquartered in Mooresville, North Carolina.
Joel Cogdell, president of Lowe’s South division, said that small businesses are the backbone of the local economy in western North Carolina, driving important industries like agriculture and tourism.
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Preliminary estimates by Moody’s Analytics pegged the economic toll of Helene at around $34 billion.
“Hurricane Helene impacted our state during what is normally one of the busiest seasons of the year for our small business neighbors,” Cogdell said. “When we talk about supporting small businesses, we are talking about our neighbors, friends, vendors and customers.”
In total, 100 small businesses in disaster-declared communities in western North Carolina will each be awarded $20,000 grants, which will help with payroll, rent or replacing equipment or tools, according to Lowe’s.
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It could be seen as a lifeline to some, given that the Small Business Administration (SBA) announced in October that it had run out of money for its disaster assistance loans until Congress approves more funding, delaying much-needed relief for people applying for aid following Hurricanes Helene and Milton.
Small businesses will be able to apply for the grants starting Nov. 18 through Nov. 22.
Grants will be distributed as early as mid-December, “which might mean a business can reopen in time to capture holiday sales or help pay employees through the holiday season,” Cogdell said.
Lowe’s CEO Marvin Ellison said in a statement that the quicker small businesses can get back on their feet, the faster the region can recover.
The fund will be managed by the Local Initiatives Support Corporation (LISC), the nation’s largest community development organization.
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