News Summary
Steadfast LA has introduced a new initiative to assist small businesses impacted by wildfires in Los Angeles County, with a $1 million donation from Banc of California. The program, targeting areas like Malibu and Pacific Palisades, offers grants of up to $50,000 to help businesses recover and reopen. This effort, highlighted at CNBC’s Small Business Playbook event, underscores the critical role of small businesses in the local economy, especially those affected by the recent wildfires.
California – Steadfast LA has announced a new initiative aimed at supporting small businesses that were adversely affected by recent wildfires in Los Angeles County. The initiative, backed by a generous $1 million donation from Banc of California’s Wildfire Relief & Recovery Fund, is designed to aid in the recovery and reopening of these businesses.
The focus of the Small Business Initiative is on areas particularly hard-hit by the Eaton and Palisades Fires, including Altadena, Malibu, and Pacific Palisades. The program specifically targets retailers, restaurants, and independent businesses that suffered damage during the wildfires. Eligible businesses can apply for grants of up to $50,000 to help them reopen or sustain their operations.
The announcement about this important initiative was made at CNBC’s Small Business Playbook 2025 event, where the significance of aiding small businesses was highlighted by Rick Caruso, the founder of Steadfast LA. Present at the event were Gordon and Shirley Wong, owners of Knoll’s Pharmacy, a local business that was completely destroyed in the fires.
According to the LA Economic Development Corporation (LAECD), independently owned small businesses represent over 90% of all businesses in Los Angeles County, signifying their vital role in the local economy and community identity. Supporting these small businesses is essential, as they contribute significantly to local employment and the overall sense of belonging within their neighborhoods.
The Small Business Initiative aims to provide essential tools, resources, and support to help these businesses navigate the challenging recovery process. Many have faced significant hurdles, particularly those that are uninsured or underinsured, struggling to manage complicated insurance claims. Reports indicate that up to 234 businesses were damaged, with 99 completely destroyed in Malibu, creating a major impact on local employment opportunities.
Moreover, the aftermath of the wildfires led to the temporary closure of the Pacific Coast Highway, a crucial route for Malibu and Pacific Palisades, for five months, further disrupting customer access to these businesses. The situation has been exacerbated by environmental contamination issues, including fire ash and toxic debris, which pose additional challenges for businesses that depend on a clean environment.
The grant application process will be managed by an independent third party that will conduct ongoing reviews of applications. Grant recipients will be announced on a rolling basis, ensuring that the support reaches businesses in need as quickly as possible.
In addition to the current financial support, Banc of California has previously contributed to the LA Area Chamber of Commerce’s Small Business Disaster Relief Fund, demonstrating a commitment to aiding small businesses affected by disasters. The launch of this new initiative reflects a collaborative effort to revitalize the local economy and foster a sense of optimism among communities impacted by the wildfires.
Steadfast LA plans to leverage social media as part of its strategy to encourage community support for the local businesses and to showcase their resilience in the face of adversity. This initiative not only provides much-needed financial assistance but also aims to bring the community together to rebuild and strengthen their local economy after the devastating impacts of the wildfires.
Deeper Dive: News & Info About This Topic
- Santa Monica Daily Press
- Pasadena Now
- Secret Los Angeles
- Hollywood Reporter
- Business Wire
- Wikipedia: Wildfires in California
- Google Search: California wildfire small business relief
- Google Scholar: California wildfire impact on small businesses
- Encyclopedia Britannica: Wildfire
- Google News: California wildfire business recovery
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