Steadfast LA Launches $1 Million Small Business Initiative

News Summary

Steadfast LA, a nonprofit established by Rick Caruso, introduces a $1 million initiative to aid small businesses in California impacted by recent wildfires. Supported by the Banc of California, this program offers grants up to $50,000 for recovery, focusing on affected areas like Malibu and Pacific Palisades. The initiative aims to provide financial support and resources for sustainability, addressing the challenges faced by local businesses as they recover from the devastation. Applications will be managed by a third party to ensure transparency.

California

Steadfast LA, a nonprofit organization founded by Rick Caruso, has launched a $1 million Small Business Initiative aimed at supporting small businesses damaged by recent wildfires in the region. This initiative is backed by a generous donation from Banc of California’s Wildfire Relief & Recovery Fund and is specifically targeting areas that include Altadena, Malibu, and Pacific Palisades.

Small businesses that have been adversely affected by the Eaton and Palisades Fires can apply for grants of up to $50,000. The funds are intended to assist with the reopening and operational sustainability of these businesses facing significant recovery challenges following the wildfires.

The announcement was made during CNBC’s Small Business Playbook 2025 event, where Caruso was joined by local business owners including Gordon and Shirley Wong, proprietors of Knoll’s Pharmacy, which was destroyed in the calamity. Their involvement highlights the real-life impact of the initiative on affected business owners.

According to the Los Angeles Economic Development Corporation (LAECD), independently owned small businesses make up over 90% of all businesses in Los Angeles County. Caruso emphasized that these businesses are crucial to the community, underscoring their role in maintaining local identity and fostering a shared sense of belonging.

This initiative not only seeks to offer financial support but also aims to provide essential tools and resources for recovery. Many small businesses in the specified areas have struggled significantly, often facing difficulties with insurance claims, particularly because many were either uninsured or underinsured in the wake of the fires.

Recent assessments indicated that up to 234 businesses were impacted by the fires, with 99 businesses completely destroyed in Malibu alone, leading to a dramatic effect on local employment and economies. The Pacific Coast Highway, a crucial roadway for both Malibu and Pacific Palisades, was also closed for five months following the fires, causing further disruption as customers were unable to access local businesses.

Additionally, recovery efforts have been complicated by environmental issues such as fire ash and toxic debris left from the fires, which pose risks to businesses that rely on clean environments to function properly.

The application process for these grants will be conducted by an independent third party, with ongoing reviews planned to ensure transparent distribution. Grant recipients will be selected on a rolling basis, making resources available as quickly as possible to those in need.

Steadfast LA plans to harness social media platforms to mobilize community support for these local businesses while showcasing their resilience in the face of adversity. This collaborative effort is intended not only to assist individual businesses but also to revitalize the local economy and instill a sense of optimism in the communities affected by the wildfires.

In addition to the current initiative, Banc of California has previously contributed to the LA Area Chamber of Commerce’s Small Business Disaster Relief Fund, indicating a commitment to supporting the small business community beyond just immediate financial aid.

As this initiative unfolds, the focus remains on strengthening small businesses, ensuring their survival after the devastating impacts of wildfires, and supporting the communities that depend on their services and vitality.

Deeper Dive: News & Info About This Topic

• Santa Monica Daily Press: Rick Caruso Launches Small Business Initiative for Wildfire Recovery
• Hollywood Reporter: Rick Caruso’s Steadfast LA Fire Recovery Initiative
• Secret Los Angeles: New Grant in LA County to Help Small Businesses Impacted by Wildfires
• Business Wire: Steadfast LA Launches Initiative With Banc of California
• Pasadena Now: Steadfast LA to Provide Grants for Small Businesses Impacted by January Fires
• Wikipedia: California
• Google Search: Wildfire Recovery in California
• Google Scholar: Small Business Wildfire Impact
• Encyclopedia Britannica: Wildfire
• Google News: California Wildfire Small Business