Rick Caruso’s Steadfast LA is teaming with Banc of California to help boost small business recovery in the wake of January’s catastrophic wildfires.
The initiative launches with a $1 million donation from Banc of California’s wildfire relief and recovery fund. It will be used to support retailers, restaurants and other independent businesses in Altadena, Malibu and Pacific Palisades impacted by the Eaton and Palisades fires with direct grants of up to $50,000. Small businesses can apply online for grants, which can be used to help reopen doors or for operational support.
Banc of California is ponying up the initial $1 million while Steadfast LA will offer financial and other support, solicit further donations and roll out a social media campaign to showcase “small businesses’ remarkable resilience, highlight their additional needs and encourage consumers to support them.” Caruso broke news of the initiative on Wednesday during an online appearance at CNBC’s Small Business Playbook event. He did so alongside Gordon and Shirley Wong, owners of Palisades’ Knoll’s Pharmacy, which was leveled in the fire.
“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,” Caruso said. “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.”
Added Jared Wolff, Banc of California chairman and CEO: “As the largest independent bank based in Los Angeles, we know that small businesses are the foundation of our local economy. 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.”
