News Summary
Steadfast LA, founded by Rick Caruso, has initiated a $1 million program to assist small businesses in wildfire-affected areas like Malibu and Pacific Palisades. Funded by Banc of California’s Wildfire Relief Fund, eligible businesses can apply for grants up to $50,000 to recover from the recent fires. The initiative aims to support the local economy and community identity by providing necessary resources for struggling businesses. With significant economic losses reported, this collaborative effort seeks to bring hope and revitalization to impacted communities.
California – Steadfast LA, a nonprofit founded by Rick Caruso, has launched a $1 million initiative to support small businesses in areas heavily impacted by recent wildfires. The initiative was funded by a donation from Banc of California’s Wildfire Relief & Recovery Fund and is specifically designed to aid retailers, restaurants, and independent businesses in regions like Altadena, Malibu, and Pacific Palisades, which suffered from the Eaton and Palisades Fires.
Eligible small businesses in these affected locations can apply for grants of up to $50,000 to help them reopen or sustain their operations amid the recovery challenges they face. The announcement regarding this initiative came during CNBC’s Small Business Playbook 2025 event, where Caruso also acknowledged the struggles of local business owners like Gordon and Shirley Wong, who owned Knoll’s Pharmacy, which was completely destroyed in the wildfire.
According to the Los Angeles Economic Development Corporation, independently owned small businesses account for over 90% of all businesses in Los Angeles County, underscoring their essential role within the local economy and community identity. Caruso stressed the importance of supporting these businesses, believing that they are integral to the community’s sense of belonging and shared identity.
The Small Business Initiative aims to provide the necessary resources, tools, and support for affected businesses to recover from the devastating fires. Reports indicate that up to 234 businesses suffered damage during the wildfires, with 99 businesses being entirely destroyed in Malibu alone. The ongoing effects of these losses have a direct impact on local employment, and the community’s economic vitality is at stake.
Additionally, small businesses in the targeted areas are grappling with significant recovery challenges, with many facing difficulties in insurance claims due to being uninsured or underinsured. The closure of the critical Pacific Coast Highway for five months following the fires also disrupted customer access, further complicating recovery efforts.
Environmental contamination, including fire ash and toxic debris, has created additional hurdles for businesses that rely on clean environments to operate effectively. The initiative is not just about financial assistance; it also aims to encourage community involvement and support for local businesses by utilizing social media to share their stories and resilience.
The application process for the grants will be managed by an independent third party, ensuring fairness through ongoing reviews. Grant recipients will be announced on a rolling basis, providing timely support to those most in need.
In conjunction with this new initiative, Banc of California has contributed previously to the LA Area Chamber of Commerce’s Small Business Disaster Relief Fund, demonstrating a commitment to fostering recovery and support in the region.
This collaborative effort reflects a significant step towards revitalizing the local economy and instilling hope among affected communities as they navigate the challenging recovery journey following the recent wildfires.
Deeper Dive: News & Info About This Topic
- SMDP: Rick Caruso Launches Small Business Initiative for Wildfire Recovery
- Facebook: Steadfast LA to Provide Grants for Small Businesses
- Secret Los Angeles: New Grant in LA County for Wildfire Recovery
- Business Wire: Steadfast LA Launches Initiative With Banc of California
- American Banker: Banc of California Boosts LA Businesses with $1M Donation
- Wikipedia: Wildfire
- Google Search: California Wildfire Recovery
- Google Scholar: Wildfire Impact on Small Businesses
- Encyclopedia Britannica: Small Business
- Google News: California Wildfires
Author: STAFF HERE HUNTINGTON BEACH
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