Local Initiatives Support Corporation (LISC) is introducing a new small business grant program as part of its Covid Rapid Relief & Resiliency Fund. In partnership with Lowe’s, LISC is providing emergency grant assistance that small businesses desperately need to stay afloat. The $55 million commitment will be disbursed as follows:
- $30 million will focus on small businesses owned or led by minorities and women, who often lack access to affordable capital.
- $25 million will support enterprises in rural communities, which typically face even more hurdles than their urban counterparts due to limited access to bank credit, capital and other support services.
Small business owners across the nation are eligible for grants of $20,000 to help meet their most immediate needs.
Eligible expenses include:
- Paying rent and utilities
- Meeting payroll
- Paying outstanding debt to vendors
- Upgrading technology infrastructure
- Other immediate operational costs
Applications must be submitted by Monday, August 3rd at 11:59 p.m. EST.