Steadfast LA Launches $1 Million Grant Initiative for Small Businesses Affected by Wildfires

News Summary

Steadfast LA, a nonprofit founded by Rick Caruso, has initiated a $1 million grant program to assist small businesses impacted by recent wildfires in California. This program, funded by the Banc of California’s Wildfire Relief Fund, targets communities severely affected by the Eaton and Palisades Fires, allowing eligible businesses to apply for grants of up to $50,000. The initiative aims to provide crucial support for recovery and sustainability of local businesses, highlighting their significance to the economy and community identity.

California – Steadfast LA, a nonprofit organization founded by Rick Caruso, has launched a $1 million initiative aimed at assisting small businesses that have been impacted by recent wildfires in the region. This initiative was made possible through a donation from the Banc of California’s Wildfire Relief & Recovery Fund and is set to target areas particularly devastated by the Eaton and Palisades Fires, specifically focusing on communities in Altadena, Malibu, and Pacific Palisades.

The new program will allow eligible small businesses to apply for grants of up to $50,000 to help them reopen or sustain their operations following the destruction caused by the wildfires. The announcement regarding this initiative was made during CNBC’s Small Business Playbook 2025 event, where Caruso emphasized the critical role of small businesses in the community. The initiative seeks to provide essential tools, resources, and support to facilitate the recovery of these businesses from the adverse effects of the fires.

Recent reports indicate that up to 234 businesses in Malibu were damaged, with 99 completely destroyed, highlighting the severe impact on local employment and commerce. The Pacific Coast Highway, a critical access route for Malibu and Pacific Palisades, was closed for five months post-fires, which significantly disrupted customer access to these businesses. Furthermore, many small businesses are grappling with complex recovery issues, particularly those that are uninsured or underinsured, struggling to navigate the challenging insurance claims process.

Environmental contamination issues have also emerged as a significant obstacle for affected businesses. Fire ash and toxic debris have complicated recovery efforts, especially for businesses that rely on maintaining clean and safe environments for their customers. Caruso, along with other stakeholders, has illustrated the importance of supporting these independently owned businesses, which represent over 90% of all businesses in Los Angeles County according to the Los Angeles Economic Development Corporation.

The process for applying for grants will be managed by an independent third party. The review process will occur ongoing, with recipients being announced on a rolling basis. This approach is designed to ensure transparency and fairness in distributing aid to the businesses that need it most.

In tandem with the financial support, Steadfast LA plans to leverage social media platforms to encourage community support for local businesses. This initiative aims to foster a sense of resilience among business owners and their customers, reflecting the collaborative effort required to revitalize the local economy and restore optimism within the affected communities.

This recent grant initiative from Banc of California adds to their previous contributions, which included support for the LA Area Chamber of Commerce’s Small Business Disaster Relief Fund. The commitment by both Steadfast LA and Banc of California signifies a united front towards bolstering local businesses and ensuring a path to recovery in the wake of the catastrophic wildfires.

As the initiative moves forward, it represents an essential effort to not only provide immediate financial relief but also to ensure the long-term sustainability of small businesses that are vital to the identity and coherence of the community.

Deeper Dive: News & Info About This Topic

• Santa Monica Daily Press
• Pasadena Now
• Secret Los Angeles
• Business Wire
• Hollywood Reporter
• Wikipedia: Wildfires in California
• Google Search: California wildfires impact on small businesses
• Google Scholar: California wildfires small business recovery
• Encyclopedia Britannica: Wildfire
• Google News: California wildfire recovery