News Summary
Steadfast LA has initiated a $1 million Small Business Initiative to support small businesses impacted by the recent wildfires in Southern California. Funded by Banc of California’s Wildfire Relief & Recovery Fund, the initiative offers grants of up to $50,000 to help businesses reopen and sustain operations. As the wildfires severely affected the local economy, this initiative highlights the critical role of small businesses in the community’s economic health. The application process aims for transparency and efficiency, ensuring timely support for those in need.
California – Steadfast LA, a nonprofit organization founded by Rick Caruso, has announced the launch of a $1 million Small Business Initiative aimed at aiding small businesses affected by recent wildfires in Southern California. The initiative is supported by a donation from Banc of California’s Wildfire Relief & Recovery Fund, which will provide much-needed financial assistance to those impacted by the infernos that swept through Altadena, Malibu, and Pacific Palisades.
The initiative offers grants of up to $50,000 to eligible small businesses, helping them either reopen or sustain operations following the devastating Eaton and Palisades Fires. At a recent event focused on small business support, the announcement was made alongside local business owners whose establishments were destroyed in the fires, highlighting the urgent need for assistance in rebuilding and recovery.
According to Los Angeles County Economic Development Corporation (LAECD), independently owned small businesses represent over 90% of all businesses in the area, underscoring the critical role they play in the community’s economic health and cultural identity. The initiative is designed to provide the necessary tools and resources for these enterprises to recover from the severe impacts of the wildfires.
In total, the wildfires caused significant destruction, damaging up to 234 businesses in Malibu alone, with 99 completely destroyed. This loss has had a pronounced effect on local employment and the economic landscape. The closure of the Pacific Coast Highway, a vital route for accessing Malibu and Pacific Palisades, for nearly five months post-fires further exacerbated the challenges faced by these businesses, intensifying their struggles to attract customers.
The aftermath of the fires has also presented additional complications regarding environmental safety. Issues concerning fire ash and toxic debris have added to the recovery challenges for businesses that operate in an environment reliant on a clean and safe surrounding. These factors have contributed to significant hurdles for small business owners, many of whom are uninsured or underinsured, causing further difficulties in navigating insurance claims and recovery processes.
To facilitate the application process for the grants, Steadfast LA has engaged an independent third party for administration, ensuring a transparent and efficient review process. Grant recipients will be announced on a rolling basis as applications are processed. This structured approach aims to streamline assistance and provide timely support to businesses in need.
Alongside the grant initiative, Steadfast LA plans to leverage social media platforms to foster community support for local businesses and highlight their resilience during this challenging recovery phase. This initiative reflects a collaborative effort, not just from Banc of California but also within the community, to revitalize the local economy and instill optimism among those affected by the fires.
In addition to the current donation for the Small Business Initiative, Banc of California has previously made a contribution to the LA Area Chamber of Commerce’s Small Business Disaster Relief Fund, further demonstrating their ongoing commitment to supporting small businesses in the wake of disaster.
The Small Business Initiative launched by Steadfast LA in collaboration with Banc of California is expected to provide crucial support to those who have faced unimaginable loss due to the wildfires, playing a key role in the recovery and revitalization of the local business landscape.
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