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Small business owners\u00a0affected\u00a0by January\u2019s wildfires will be able to apply for grants up to $50,000 through Steadfast LA, a nonprofit dedicated to the rebuilding of fire-impacted areas of Los Angeles, developer and former mayoral candidate Rick Caruso announced Wednesday.<\/p>\n
Caruso, who formed Steadfast LA, formally introduced the initiative at Wednesday\u2019s CNBC Small Business Playbook 2025 event alongside Gordon and Shirely Wong, owners of Knoll\u2019s Pharmacy in Pacific Palisades.<\/p>\n
To begin the program, the Bank of California\u2019s Wildfire Relief and Recovery Fund donated $1 million to help retailers, restaurants and other independent businesses in Altadena, Malibu and Pacific Palisades. Steadfast LA is expected to conduct outreach to other philanthropic and private donors for further funding of the grant initiative.<\/p>\n
\u201cThese small businesses were about much more than commercial or economic activity. They were local hallmarks that gave neighborhoods their soul and fostered a sense of community,\u201d Caruso said. \u201cWe cannot abandon them. This is about ensuring they have the tools, resources and support they need to come back.\u201d<\/p>\n
An independent third party is expected to administer the grants to businesses owners, helping them reopen their doors or support their operations.<\/p>\n
The Banc of California established the Wildfire Relief and Recovery Fund in January to support ongoing relief and rebuilding efforts for fire- impacted communities in the L.A. area.<\/p>\n
\u201cAs the largest independent bank based in Los Angeles, we know that small businesses are the foundation of our local economy,\u201d Chairman and CEO of Bank of California Jared Wolff said in a statement.<\/p>\n
\u201cTheir success and sustainability are integral not just for jobs and the economy, but provide the optimism and confidence that communities need to move forward,\u201d Wolff added.<\/p>\n
According to Caurso, Steadfast LA will also launch a social media campaign to showcase small businesses that apply for grants.<\/p>\n
\u201cThese businesses aren\u2019t faceless storefronts. They are the fabric of the community,\u201d Caruso said. \u201cThey are made up of people: owners, employees, and local customers. They deserve an advocate to help address the challenges they\u2019re facing through no fault of their own. Through this initiative, they\u2019ll have one.\u201d<\/p>\n
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