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Rick Caruso’s Steadfast LA and Banc of California Team to Help Small Businesses With Fire Recovery
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Rick Caruso’s Steadfast LA and Banc of California Team to Help Small Businesses With Fire Recovery

The initiative launches with $1 million from Banc of California used to support retailers, restaurants and other independent businesses in Altadena, Malibu and Pacific Palisades with direct grants up to $50,000.
byLily
August 6, 2025
Rick Caruso’s Steadfast LA and Banc of California Team to Help Small Businesses With Fire Recovery

Steadfast LA and Banc of California Launch $1M Small Business Recovery Initiative After Wildfires

Rick Caruso’s Steadfast LA has partnered with Banc of California to launch a significant small business recovery initiative, responding to the devastating impact of January’s wildfires across Los Angeles communities.

$1 Million Fund to Support Local Businesses

The initiative kicks off with a substantial $1 million contribution from Banc of California’s wildfire relief and recovery fund. Small businesses in affected areas including Altadena, Malibu, and Pacific Palisades can now apply for direct grants of up to $50,000 to support their recovery efforts.

Key Features of the Recovery Initiative:

  • Grants up to $50,000 for eligible businesses
  • Available to retailers, restaurants, and independent businesses
  • Funds can be used for reopening costs and operational support
  • Online application process through Steadfast LA’s website

Community Support and Future Impact

Steadfast LA will manage the initiative’s implementation, providing both financial and operational support. The organization plans to launch a comprehensive social media campaign highlighting the resilience of affected businesses and encouraging community support.

Rick Caruso announced the initiative during CNBC’s Small Business Playbook event, appearing alongside Gordon and Shirley Wong, owners of the fire-damaged Knoll’s Pharmacy in Pacific Palisades.

Leadership Perspectives

“These small businesses were about much more than commercial or economic activity,” stated Caruso. “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.”

Jared Wolff, Banc of California chairman and CEO, emphasized: “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.”

How to Apply for Recovery Grants

Affected business owners can submit their grant applications through the Steadfast LA website. The initiative aims to provide immediate relief while fostering long-term community recovery and resilience.

byLily
August 6, 2025