Steadfast LA and Banc of California Collaborate to Support Small Businesses in Wildfire-Impacted Communities with $1 Million Donation

Steadfast LA has launched a Small Business Initiative with a $1 million donation from Banc of California's Wildfire Relief & Recovery Fund. The initiative aims to support retailers, restaurants, and other independent businesses impacted by the Eaton and Palisades Fires with direct grants of up to $50,000. The initiative is open to eligible small businesses in Altadena, the Palisades, and Malibu.

Steadfast LA, a civic nonprofit organization led by Rick Caruso, has partnered with Banc of California to launch a Small Business Initiative aimed at supporting retailers, restaurants, and other independent businesses affected by the recent wildfires in Altadena, Malibu, and the Palisades. The initiative, announced on July 2, 2025, is backed by a $1 million donation from Banc of California's Wildfire Relief & Recovery Fund [1].

The Small Business Initiative will provide direct grants of up to $50,000 to eligible businesses, which can be used to reopen their doors or support their operations. The grants are administered by an independent third party and will be available to businesses in the specified areas. The initiative also includes a social media campaign to showcase the resilience of these businesses and encourage consumer support [2].

Rick Caruso, founder and chairman of Steadfast LA, emphasized the importance of these small businesses, stating, "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" [1]. Banc of California's chairman and CEO, Jared Wolff, echoed this sentiment, noting that small businesses are the foundation of the local economy and that the bank is proud to support them during this critical time [1].

The initiative comes at a time when small businesses are facing significant challenges due to the wildfires. According to the LAECD, independently owned small businesses account for over 90% of all businesses in LA County [2]. The support from Steadfast LA and Banc of California is aimed at helping these businesses recover and thrive.

For more information about the initiative and how to apply for a grant, interested businesses can visit the Steadfast LA website [2].

References:
[1] https://www.hollywoodreporter.com/news/local-news/rick-caruso-steadfast-la-fire-recovery-banc-of-california-1236338760/
[2] https://www.stocktitan.net/news/BANC/steadfast-la-launches-initiative-with-banc-of-california-to-help-1x7ada78bhbu.html