News Summary
Steadfast LA has initiated a new program to aid small businesses impacted by the recent wildfires in California, supported by a $1 million donation from Banc of California. This program offers grants of up to $50,000 for businesses affected by the Eaton and Palisades Fires, particularly in areas like Malibu and Pacific Palisades. The initiative aims to provide necessary resources and support to help these businesses recover and contribute to the local economy’s revitalization.
California – Steadfast LA has launched a new initiative to support small businesses impacted by recent wildfires, backed by a $1 million donation from Banc of California’s Wildfire Relief & Recovery Fund. The program aims to assist retailers, restaurants, and independent businesses specifically affected by the Eaton and Palisades Fires in areas such as Altadena, Malibu, and Pacific Palisades.
Small businesses eligible for the program can apply for grants of up to $50,000 to help them reopen or maintain operations in the wake of the devastating fires. The announcement was made during CNBC’s Small Business Playbook 2025 event, highlighting the ongoing challenges these businesses face in recovering from the crisis.
As part of the initiative, Steadfast LA will work to provide the necessary tools, resources, and support to help small businesses recover and contribute to the revitalization of the local economy. The initiative is particularly important considering that independently owned small businesses constitute over 90% of all businesses in Los Angeles County, according to the Los Angeles Economic Development Corporation (LAECD).
Small businesses in the wildfire-affected areas have encountered significant hurdles. Many have faced substantial recovery challenges, especially those that are uninsured or underinsured. Up to 234 businesses were damaged in Malibu alone, with 99 of them completely destroyed. This devastation has had a profound impact on local employment and livelihood.
Additionally, the Pacific Coast Highway, a critical route for both Malibu and Pacific Palisades, was closed for five months following the fires. This closure disrupted customer access and further complicated the recovery for businesses that rely heavily on traffic and footfall. Environmental contamination, including fire ash and toxic debris, has also posed ongoing issues for businesses that depend on maintaining a clean environment.
The grant application process will be facilitated by an independent third party, ensuring fairness and transparency. Recipients of the grants will be announced on a rolling basis as applications are reviewed. Steadfast LA will also leverage social media platforms to encourage community support for the affected local businesses, showcasing their resilience and fostering a sense of community solidarity.
The Banc of California initiative is not the first of its kind; the bank previously contributed to the LA Area Chamber of Commerce’s Small Business Disaster Relief Fund, demonstrating its ongoing commitment to assisting local communities impacted by natural disasters. The current grant initiative reflects a collaborative effort between different organizations to revitalize local economies and instill a renewed sense of optimism among affected communities.
As the recovery efforts continue, the focus remains on supporting these essential businesses that are integral to the community’s identity and overall economic health. The challenges that these small enterprises face underscore the need for continued support and engagement from both local organizations and community members, aiming to help them not just survive but thrive in the aftermath of the wildfires.
Deeper Dive: News & Info About This Topic
- Santa Monica Daily Press
- Secret Los Angeles
- American Banker
- Hollywood Reporter
- Business Wire
- Wikipedia: Wildfires in California
- Google Search: California wildfire recovery
- Google Scholar: Small business recovery wildfires
- Encyclopedia Britannica: California
- Google News: California wildfire relief
Author: Anaheim Staff Writer
Anaheim Staff Writer The Anaheim Staff Writer represents the experienced team at HEREAnaheim.com, your go-to source for actionable local news and information in Anaheim, Orange County, and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as major conventions at the Anaheim Convention Center, including NAMM and VidCon, exciting games at Angel Stadium and Honda Center, and developments at Disneyland Resort Our coverage extends to key organizations like the Anaheim Chamber of Commerce and Visit Anaheim, plus leading businesses in hospitality, entertainment, and innovation that power the local economy As part of the broader HERE network, including HERECostaMesa.com, HEREHuntingtonBeach.com, HERESantaAna.com, and HERELosAngeles.com, we provide comprehensive, credible insights into Southern California's dynamic landscape.
