L.A. Area Chamber of Commerce Foundation Launches Relief Fund for Small Business Disaster Recovery

The Los Angeles Area Chamber of Commerce has formed 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, established under the Chamber Foundation is dedicated to assisting local small businesses as they navigate the challenges of recovery and rebuilding.

Unveiled at a meeting of the Chamber’s advisory group, The CEO Council, which consists of C-suite leaders from the 100 largest companies in the Los Angeles region, the fund has received its initial donation 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 policy makers to promote a vibrant economy. It remains 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. This initiative aligns closely with many of the Chamber’s existing small business programs, now strategically focused on disaster recovery.

“As a company that has served Los Angeles for more than 100 years, Bank of America knows just how critical L.A. small businesses are to the economy and to our way of life. In challenging times, our business community has consistently supported one another, and this relief fund reflects that commitment,” said Raul A. Anaya, president, Bank of America Los Angeles. “As soon as we heard about this effort, we committed to contribute and I urge other companies who can support this important initiative to do the same.”

“Ring is born and based in Los Angeles, and our hearts are with all those impacted by the wildfires. We’re committed to supporting our community in times of crisis and helping small businesses recover from the devastation,” said Karla Torres, head of community engagement for Amazon Devices & Services. “L.A.’s neighborhoods and culture are powered by small businesses. We are proud to support the L.A. Area Chamber’s efforts to help businesses rebuild, recover, and thrive.”

“Chevron has a long legacy in California – with roots in the Los Angeles region dating back to 1879,” said Jeff Wilson, Chevron corporate affairs manager, and Board member of the Los Angeles Area Chamber of Commerce. “As a founding member of the Chamber, Chevron proudly stands with the first responders, residents and businesses – and we are committed to helping ensure that Los Angeles and its small businesses, the fabric of the region, can rebuild and recover from the devastating effects caused by the widespread impacts of the wildfires.”

“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.”