Steadfast LA, the nonprofit founded by civic leader and businessman Rick Caruso to accelerate the rebuilding of Los Angeles with private-sector solutions, has launched a Small Business Initiative launched with a $1-million donation from Banc of California’s Wildfire Relief & Recovery Fund. The initiative will support retailers, restaurants and other 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 introduced the initiative at CNBC’s Small Business Playbook 2025 event alongside Gordon and Shirley Wong, owners of Knoll’s Pharmacy in the Palisades, which was destroyed in the fire. He noted that independently owned small businesses are the backbone of the economy in Los Angeles, accounting for more than 90% of all businesses in LA County.
“These small businesses were about much more than commercial or economic activity,” said 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.”
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