Steadfast LA, Banc of California Launch Initiative to Help Wildfire-Impacted Small Businesses
Steadfast LA, the nonprofit founded by civic leader and businessman Rick Caruso to accelerate the rebuilding of Los Angeles with private-sector solutions, has announced a Small Business Initiative launched with a $1-million donation from Banc of California's Wildfire Relief & Recovery Fund.
The initiative will support retailers, restaurants and other independent businesses in Altadena, Malibu and the Pacific Palisades impacted by the devastating Eaton and Palisades Fires with direct grants of up to $50,000.
Caruso officially introduced the initiative at CNBC's Small Business Playbook 2025 event alongside Gordon and Shirley Wong, owners of Knoll's Pharmacy in the Palisades, which was destroyed in the fire. During the event, Caruso noted that independently owned small businesses are the backbone of the economy in Los Angeles, accounting for over 90% of all businesses in L.A. County, according to the LAECD.
'These 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. We cannot abandon them. This is about ensuring they have the tools, resources and support they need to come back,' said Caruso. 'We also want this initiative to send a broader signal that not only are these local institutions going to reopen, but these communities as a whole have a bright and optimistic future ahead.'
Through this initiative, eligible small businesses in Altadena, the Palisades and Malibu can apply for direct grants – administered by an independent third party – to help them reopen their doors or support their operations. Banc of California is donating the initial $1 million to fund this initiative, with Steadfast LA providing added support and soliciting further donations. This comes on top of Banc of California's recent donation to the L.A. Area Chamber of Commerce's Small Business Disaster Relief Fund and the creation of the bank's Wildfire Relief & Recovery Fund.
'As the largest independent bank based in Los Angeles, we know that small businesses are the foundation of our local economy,' said Jared Wolff, chairman and CEO of Banc of California. 'Their success and sustainability are integral not just for jobs and the economy but provide the optimism and confidence that communities need to move forward. We're proud to support small businesses that desperately need help right now, to stand with Steadfast LA and to help turn our vision for a brighter future for Southern California into a reality.'
In addition to financial support, Steadfast LA will use social media to showcase these small businesses' remarkable resilience, highlight their additional needs and encourage consumers to support them.
'These businesses aren't faceless storefronts. They are the fabric of the community,' Caruso added. 'They are made up of people: owners, employees and loyal customers. They deserve an advocate to help address the challenges they're facing through no fault of their own. Through this initiative, they'll have one.'
Small businesses interested in receiving a potential grant from this initiative can review the eligibility criteria and submit their info on the Steadfast LA website. Formal applications will be reviewed on a rolling basis, and grant recipients will be announced shortly thereafter.
Information sourced from Banc of California. Learn more by contacting media@bancofcal.com.
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