MALIBU/PACIFIC PALISADES—On Thursday, August 14, the city of Malibu announced on its Facebook page that Steadfast, in partnership with Banc of California, is helping small businesses impacted by the Palisades Fire.
Businesses can apply for direct grants up to $50,000 to cover urgent needs, including rebuilding damaged property and covering fire-related expenses.
The LifeFund website states:
“The devastating wildfires in Altadena, Malibu, and Pacific Palisades tested the resolve of the small business community in Los Angeles, but it couldn’t break their spirit. The road to recovery is a process, and financial support is still needed.”
Applicants must meet all of the following criteria to be eligible for the grants.
-Business must have been operating on or before October 1, 2024. Operational is defined as generating sales revenue, as evidenced by activity in a business bank statement. Applicants without a business bank account will not be considered.
-Business is located in Palisades, Malibu or Altadena and applicants must reside in Los Angeles County or contiguous counties
-Applicants must own fewer than three businesses offering similar products or services
-Cannot be a dedicated adult entertainment operation, liquor stores, vape/smoke shops or lending organization
-Grant applicants must be majority owner or equal share ownership of business
-All applicants will be required to hold a video conversation with a LiftFund staff member prior to disbursement
-Operates from a commercial storefront location (no online-only businesses)
Applicant has no more than 100 full-time employees
-Each individual applicant is eligible for only one grant award, regardless of the number of businesses or legal entities (EINs) they own or control
-Generates no more than $6 million in annual gross sales
-Must currently operate, or demonstrate intent to re-open within Altadena, Malibu, or the Palisades and applicants must reside in Los Angeles County or surrounding counties. Out of state applicants will not be considered.
-Applicants must be a legal resident with a valid Social Security Number or ITIN
-Applicants must agree to share their name, likeness, and participate in an on-camera interview
To apply visit: https://www.liftfund.com/la-small-business-initiative/. For more information, contact sbgrants@liftfund.com.
By Danny Jones