Caruso and Bancorp Partner to Boost Local Businesses

southern California Small Businesses Receive $1 Million Lifeline after Devastating Wildfires

Los Angeles, CA – A new initiative, spearheaded by Steadfast LA and backed by a $1 million donation from Banc of California, aims to provide critical support to small businesses impacted by January’s destructive wildfires in Altadena, Malibu, and Pacific Palisades. The funds will be distributed as direct grants of up to $50,000 to retailers, restaurants, and other independent businesses struggling to recover from the Eaton and Palisades fires.

The launch, announced Wednesday by Rick Caruso during an appearance at CNBC’s Small Business Playbook event, comes as a much-needed boost to communities reeling from notable losses. Caruso highlighted the vital role these businesses play beyond economic activity, emphasizing their contribution to the unique character and community spirit of the affected neighborhoods.

“These small businesses were about much more than commercial or economic activity. They were local hallmarks that gave neighborhoods their soul and fostered a sense of community. We cannot abandon them,” Caruso stated.”This is about ensuring they have the tools, resources, and support they need to come back.”

banc of California Chairman and CEO Jared Wolff echoed this sentiment, underscoring the importance of small businesses as the bedrock of the Los Angeles economy. “Their success and sustainability are integral not just for jobs and the economy, but provide the optimism and confidence that communities need to move forward,” Wolff said.

Small businesses can now apply for grants through the Steadfast LA website: https://www.steadfastla.com/steadfast-la-small-business-initiative.Steadfast LA will also be actively soliciting further donations and launching a social media campaign to amplify the stories of resilience within these businesses and encourage consumer support.

The initiative was unveiled alongside Gordon and Shirley Wong, owners of Knoll’s Pharmacy in Pacific Palisades, which was tragically destroyed in the recent fires, serving as a poignant reminder of the widespread impact of the disaster.

Understanding Wildfire Recovery & Supporting Local Businesses

Wildfires pose a significant and increasing threat to communities across California and the Western United States. Beyond the immediate devastation, the economic fallout can be long-lasting, particularly for small businesses that often lack the resources to withstand such catastrophic events.

Here’s how you can help support the recovery effort:

Shop Local: Prioritize spending at businesses in the affected areas.
Donate: Contribute to organizations like Steadfast LA and other wildfire relief funds.
Spread the Word: Share facts about impacted businesses and recovery initiatives on social media.
Advocate for Preparedness: Support policies and initiatives aimed at wildfire prevention and mitigation.

This initiative represents a critical step towards rebuilding not just structures, but the very fabric of these Southern California communities. The focus on providing direct financial assistance and fostering a sense of hope signals a commitment to a brighter future for those impacted by the January wildfires.

What specific types of small business loans are offered through the Bancorp partnership?

A New Era for Small Business Funding & Growth

Caruso, renowned for its innovative real estate developments and community focus, has announced a strategic partnership with Bancorp, a leading regional financial institution. This collaboration aims to provide significant support to local businesses, fostering economic growth within the communities Caruso serves. The initiative focuses on streamlined access to small business loans, tailored financial services, and dedicated mentorship programs. This isn’t just about capital; it’s about building sustainable, thriving local economies.

Understanding the Partnership’s Core Components

The caruso-Bancorp partnership is built on three key pillars:

Dedicated Loan Programs: Bancorp will offer specialized loan products designed specifically for businesses operating within or near caruso properties. These include startup funding,expansion capital,and working capital loans with competitive interest rates.

Financial Literacy Workshops: Recognizing that access to capital is only part of the equation, the partnership will host regular workshops covering topics like business planning, financial management, and credit building. These workshops will be free and open to the public.

Mentorship Network: Caruso’s extensive network of business leaders and industry experts will be leveraged to provide mentorship opportunities for aspiring and established entrepreneurs. This business mentorship will offer invaluable guidance and support.

Benefits for Local Entrepreneurs

This partnership unlocks a range of benefits for entrepreneurs and small business owners:

Increased Access to Capital: Overcoming funding hurdles is a major challenge for many small businesses. This partnership directly addresses that issue.

Improved Financial Acumen: The financial literacy workshops empower business owners to make informed decisions and manage their finances effectively.

Strategic Guidance: Mentorship provides access to experienced professionals who can offer valuable insights and help navigate the complexities of running a business.

Community Support: the partnership reinforces the importance of supporting local businesses and fostering a strong sense of community.

Faster Loan Approval processes: Bancorp is streamlining its request process for businesses connected to Caruso properties, reducing approval times.

Loan Program Details: What You Need to Know

Bancorp is offering several loan options through the partnership,catering to diverse business needs:

1. Microloans (Up to $50,000): Ideal for startups and businesses needing smaller amounts of capital for inventory,equipment,or marketing.
2. Term Loans (Up to $250,000): Suitable for expansion projects, renovations, or purchasing larger assets.
3. Lines of Credit (Up to $100,000): Provides flexible access to funds for managing cash flow and covering short-term expenses.
4. SBA Loans: Bancorp is an approved SBA lender,offering access to government-backed loans with favorable terms. SBA loan programs are a key component of the initiative.

Eligibility requirements vary depending on the loan type, but generally include a solid business plan, good credit history, and demonstrated ability to repay the loan.

Caruso’s Commitment to Local Economies: A history

Caruso has a long-standing commitment to supporting the communities where it operates. This partnership with Bancorp builds upon existing initiatives, such as:

Pop-Up Shop Programs: Providing opportunities for emerging businesses to test their concepts in high-traffic locations.

Local Vendor Partnerships: Prioritizing local vendors and suppliers in Caruso’s developments.

Community Events: Hosting events that showcase local businesses and attract customers.

Investment in Local Infrastructure: Contributing to improvements in local infrastructure and public spaces.

Real-World Impact: Early Success Stories

While the partnership is relatively new, early results are promising.Several local retailers and restaurants have already secured funding through the program, enabling them to expand their operations and create new jobs.

For example, “The Corner Bakery,” a family-owned bakery near The Grove, received a $75,000 term loan to purchase new equipment and expand its seating capacity. This expansion allowed them to hire three additional employees and increase their revenue by 20% in the first quarter. This is a prime example of how small business growth is being fueled by this collaboration.

How to Apply & Get Involved

Interested businesses can learn more and apply for loans through the Bancorp website (link to Bancorp’s small business loan page). information about upcoming financial literacy workshops and mentorship opportunities will be posted on both the Caruso and Bancorp websites.

Key Resources:

Bancorp Small Business Loan Application: [Insert Link Here]

Caruso Community Initiatives: [Insert Link Here]

Upcoming Workshop Schedule: [insert Link Here]

future Expansion & Long-Term Vision

Caruso and Bancorp are committed to expanding the partnership in the coming years,with plans to introduce new programs and services tailored to the evolving needs of entrepreneurs. The long-term vision is to create a thriving ecosystem that supports *local