The Rick Caruso farm teams up with Banc of California to help stimulate small businesses recovery following catastrophic forest fires in January.
The initiative will be launched with a donation of $ 1 million from the Banc of California relief and recovery fund. It will be used to support retailers, restaurants and other independent companies in Altadena, Malibu and Pacific Palisades affected by Eaton and Palisades fires with direct subsidies of $ 50,000. Small businesses can apply online for subsidies, which can be used to help reopen doors or for operational support.
Banc of California is in the process of drawing up the initial 1 million dollars while StreadFast will offer it financial support and others, solicit other donations and deploy a campaign on social networks to enhance “remarkable resilience of small businesses, highlight their additional needs and encourage consumers to support them”. Caruso announced the news of the initiative on Wednesday during an online appearance at CNBC Small Business Playbook from CNBC event. He did it alongside Gordon and Shirley Wong, owners of the Palisades Knoll pharmacy, which was leveled in the fire.
“These small businesses were much more than commercial or economic activities. They were local characteristics that gave the neighborhoods their soul and favored a feeling of community. We cannot abandon them. It is a question of ensuring that they have the tools, resources and support they have to return,” said Caruso. “We also want this initiative to send a wider signal than not only these local institutions will reopen, but these communities as a whole have a brilliant and optimistic future.”
Jared Wolff, Chairman and Chief Executive Officer of Banc of California: “As the largest independent bank based in Los Angeles, we know that small businesses are the basis of our local economy. Their success and sustainability are an integral part not only to support small businesses that need optimism and California, to stand up with reality. ”
