Los Angeles Area Chamber Launches Relief Fund for Small Business Disaster Recovery

The Los Angeles Area Chamber of Commerce announced the formation of a new Small Business Disaster Recovery Fund, aimed at providing critical resources to businesses affected by this devastating crisis. The Small Business Disaster Recovery Fund was established under the chamber's foundation. It is dedicated to assisting local small businesses as they navigate the challenges of recovery and rebuilding.

The initiative was unveiled at a meeting of the chamber's CEO Council, which consists of C-suite leaders from the 100 largest companies in the Los Angeles region. The fund was established with initial donations of $500,000 from Bank of America and additional donations of $250,000 from Ring and Chevron.  

Through this fund, the Chamber will provide:

• Grants ranging from $5,000 to $10,000 to directly support affected small businesses.
• Financial resources in collaboration with CDFI partners to ensure comprehensive financial aid.
• Disaster recovery webinars to equip business owners with essential recovery strategies and resources.
• Business advising support to guide businesses through rebuilding and resiliency efforts.

The Chamber has a long-standing history of convening business leaders, communities, and policymakers to promote a vibrant economy. We remain committed to supporting small businesses through this disaster, to ensure they can build back stronger than before.

The L.A. Area Chamber will also receive support from the U.S. Chamber of Commerce Foundation to establish the grant administration process, ensuring efficient and transparent distribution of funds. 

"Small businesses are the backbone of the Los Angeles regional economy. The impact of the wildfires to the “main streets” of communities will be hard felt. Bank of America, Ring and Chevron’s support empowers us to provide immediate relief and long-term recovery for businesses struggling in the aftermath of the wildfires,” said Maria S. Salinas, President & CEO of the Los Angeles Area Chamber of Commerce." We are grateful for the partnership of these bold organizations in strengthening our community. These generous donations are a testament to their commitment to our community's small businesses. Together, we can provide the resources and support urgently needed to help small businesses rebuild, recover and thrive."

The creation of this fund adds to the chamber's list of initiatives to support businesses impacted by wildfires: 

• Small Business Disaster Relief Fund – Our small business distaster recovery bootcamp will support organizations impacted by the disaster. Participants will gain access resources, immediate needs assessment, one-on-one advising, training, grants, and legal assistance to support their business’ rebuilding success.
• Community Resource Coordination - We have launched our Disaster Recover Resources landing page to provide vital city, county, state and federal resources for impacted businesses.
• Business Recovery - We are sharing information on emergency funding and providing guidance to support business recovery efforts.
• Advocacy for Disaster Relief and Rebuilding – The Chamber is actively reviewing relief and rebuilding policies to identify government support needs.