The effort is intended to assist local retailers, restaurants, and service providers facing mounting expenses due to fire-related damage and disruption
Businessman Rick Caruso announced a $1 million initiative aimed at helping small businesses recover in communities hardest hit by the recent Eaton and Palisades wildfires.
Through his nonprofit, Steadfast LA, Caruso is partnering with Banc of California’s Wildfire Relief & Recovery Fund to offer grants of up to $50,000 to independent businesses in Altadena, Malibu and Pacific Palisades. The effort is intended to assist local retailers, restaurants, and service providers facing mounting expenses due to fire-related damage and disruption.
During CNBC’s Small Business Playbook 2025 event, Caruso described the targeted small businesses as “local hallmarks that gave neighborhoods their soul and fostered a sense of community. We cannot abandon them.”
Grants will be administered by LiftFund, a 30-year-old nonprofit community development financial institution.
The application portal is expected to open August 11. Business owners interested in applying can submit preliminary information in advance and will be contacted once the portal is live.
To qualify, businesses must have been operational as of Oct. 1, 2024, maintain a storefront location in Altadena, Malibu, or Pacific Palisades, and generate less than $6 million in annual revenue. Online-only businesses, liquor stores, vape shops, and lenders are not eligible. Applicants must also reside in Los Angeles County or a neighboring county and be legal residents with a valid Social Security number or ITIN.
Each grant applicant must undergo a virtual interview with LiftFund staff, and selected recipients must agree to share their stories publicly.
More information, including full eligibility criteria and how to apply, will be available at LiftFund.com when the program officially launches.
