Rick Caruso’s Steadfast LA Launches Small Business Initiative for Wildfire Rebuilding
Steadfast LA, the nonprofit organization founded by civic leader and real estate developer Rick Caruso, has launched a new Small Business Initiative aimed at helping Los Angeles communities recover from destructive wildfires. Kickstarted with a $1 million donation from Banc of California’s Wildfire Relief & Recovery Fund, the initiative will offer direct grants of up to $50,000 to support independent retailers, restaurants, and other small businesses in Altadena, Malibu, and the Pacific Palisades that were impacted by the Eaton and Palisades Fires.
The announcement was made during CNBC’s Small Business Playbook 2025 event, where Caruso was joined by Gordon and Shirley Wong, owners of Knoll’s Pharmacy in the Palisades — a longtime neighborhood staple that was lost in the fire.
Caruso emphasized the integral role of small businesses in Los Angeles, noting that they make up over 90% of all businesses in LA County. “These small businesses were about much more than commercial or economic activity,” he said. “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.”
The Small Business Initiative is one of several private-sector solutions Steadfast LA is launching as part of its broader mission to accelerate the rebuilding and revitalization of Los Angeles neighborhoods affected by natural disasters.
