News Summary
Steadfast LA, a nonprofit founded by Rick Caruso, has initiated a $1 million program to support small businesses in Los Angeles County affected by recent wildfires. The initiative, funded by the Banc of California’s Wildfire Relief Fund, aims to provide grants up to $50,000 to assist businesses in areas like Malibu and Altadena that were harmed by the fires. The program highlights community resilience and aims to help businesses navigate the challenges of recovery as the local economy begins to rebuild.
California – Steadfast LA, a nonprofit organization founded by Rick Caruso, launched a $1 million Small Business Initiative aimed at supporting small businesses in Los Angeles County that were affected by the recent wildfires. This initiative was made possible through a donation from the Banc of California’s Wildfire Relief & Recovery Fund, focusing on assisting retailers, restaurants, and independent businesses in the hard-hit areas of Altadena, Malibu, and Pacific Palisades.
Eligible small businesses that qualify for assistance can apply for grants of up to $50,000. These funds are intended to help them reopen or maintain operations in the aftermath of the devastating Eaton and Palisades Fires. The announcement was made during CNBC’s Small Business Playbook 2025 event, which featured local business owners including Gordon and Shirley Wong, who operate Knoll’s Pharmacy—a business that was completely destroyed in the fires.
According to data from the Los Angeles Economic Development Corporation (LAECD), independent small businesses make up more than 90% of all businesses in Los Angeles County. Caruso highlighted the significance of these enterprises, stating they are critical to the community’s identity and sense of belonging. The initiative’s purpose is to provide essential tools, resources, and support to help small businesses recover from the fires’ effects, which have been particularly challenging for those who are uninsured or underinsured.
Recent reports indicate that in Malibu alone, as many as 234 businesses sustained damage with 99 being entirely destroyed, resulting in substantial repercussions for local employment rates. Furthermore, the Pacific Coast Highway, which serves as a crucial access point for both Malibu and Pacific Palisades, was closed for five months following the fires, creating additional obstacles for customers attempting to reach these businesses.
Small businesses faced significant hurdles during their recovery, compounded by issues such as environmental contamination from fire ash and toxic debris, making it even more challenging for businesses that depend on a clean environment. The initiative aims not only to offer financial support but also to highlight community resilience and encourage local patronage through social media platforms.
The application process for the grant program will be managed by an independent third party, which will ensure that funds are distributed fairly and effectively. Announcements regarding grant recipients will be made on a rolling basis as applications are reviewed. In addition, the Banc of California has previously supported the LA Area Chamber of Commerce’s Small Business Disaster Relief Fund, showcasing its ongoing commitment to aiding local businesses.
This grant initiative marks a collaborative approach to spark revitalization within the local economy, instill hope, and encourage recovery among communities severely impacted by the wildfires. By focusing on restoration efforts, stakeholders aim to reinforce the backbone of the local economy, ensuring the survival and growth of small businesses that define the character of Los Angeles County.
Deeper Dive: News & Info About This Topic
- Santa Monica Daily Press
- Pasadena Now
- Secret Los Angeles
- American Banker
- Hollywood Reporter
- Wikipedia: Wildfires in California
- Google Search: California wildfires small business grants
- Google Scholar: wildfire impact on small businesses
- Encyclopedia Britannica: Wildfire
- Google News: California wildfire recovery business
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