Small business owners in areas devastated by the January wildfires may be eligible for grants under the new Steadfast LA initiative. (photo by Tabor Brewster)

Steadfast LA, a nonprofit founded by businessman Rick Caruso to accelerate rebuilding after the January wildfires using private-sector solutions, announced a small business initiative on Aug. 6 launched with a $1 million donation from Banc of California’s Wildfire Relief and Recovery Fund.

The initiative supports retailers, restaurants and independent businesses in Altadena, Malibu and the Pacific Palisades impacted by the Eaton and Palisades fires with direct grants of up to $50,000.

Caruso officially introduced the initiative on Aug. 6 at CNBC’s Small Business Playbook 2025 event with Gordon and Shirley Wong, owners of Knoll’s Pharmacy in the Palisades, which was destroyed in the fire. Caruso noted that independently owned small businesses are the backbone of the economy in Los Angeles.

“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. This is about ensuring they have the tools, resources and support they need to come back,” said Caruso, founder and chairman of Steadfast LA. “We also want this initiative to send a broader signal that not only are these local institutions going to reopen, but these communities as a whole have a bright and optimistic future ahead.”

Eligible small businesses in Altadena, Malibu and the Pacific Palisades can apply for direct grants – administered by an independent third party – to help them reopen and support operations. Banc of California donated the initial $1 million to fund the initiative, with Steadfast LA providing added support and soliciting further donations.

“As the largest independent bank based in Los Angeles, we know that small businesses are the foundation of our local economy,” said Jared Wolff, chairman and CEO of Banc of California. “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. We’re proud to support small businesses that desperately need help right now, to stand with Steadfast LA and to help turn our vision for a brighter future for Southern California into a reality.”

Steadfast LA will also use social media to showcase small businesses’ remarkable resilience, highlight additional needs and encourage consumers to support them.

“These businesses aren’t faceless storefronts. They are the fabric of the community,” Caruso added. “They are made up of people: owners, employees and loyal customers. They deserve an advocate to help address the challenges they’re facing through no fault of their own. Through this initiative, they’ll have one.”

Small business owners interested in applying for a grant can review the eligibility criteria and submit information at steadfastla.com/steadfast-la-small-business-initiative.