The Los Angeles Area Chamber of Commerce has announced the creation of a relief fund aimed at assisting small businesses impacted by the devastating wildfires that have been ravaging parts of Los Angeles over the past week. The fund will provide grants ranging from $5,000 to $10,000 to help businesses recover, alongside disaster recovery webinars and business advisory services to guide them through the rebuilding process.
The catastrophic fires have resulted in the deaths of at least 25 people, the destruction of nearly 12,000 structures, and have scorched an area roughly the size of Washington, D.C. As of Wednesday, around 6.5 million people remain under critical fire threats, with winds forecasted to reach 20 to 40 miles per hour, gusting up to 70 mph, and humidity expected to drop into the single digits, according to the National Weather Service.
The new fund has received an initial $500,000 donation from Bank of America, with additional contributions of $250,000 each from Chevron and home security company Ring. Bank of America also committed $1 million to the American Red Cross and $500,000 to the Los Angeles Regional Food Bank in support of recovery efforts.
In addition, Canadian lender Royal Bank of Canada and L.A.’s City National Bank have pledged a combined $3 million to help victims of the Southern California wildfires.
The total economic damage from the wildfires is projected to be between $250 billion and $275 billion, according to AccuWeather, potentially making the LA fires the costliest natural disaster in U.S. history, surpassing Hurricane Katrina in 2005.
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