On January 15, the Los Angeles Area Chamber of Commerce announced the establishment of a relief fund to aid in the recovery of small businesses impacted by the wildfires that have recently swept through parts of Los Angeles.
The Chamber will offer grants ranging from $5,000 to $10,000, along with disaster recovery webinars and business advisory services to assist in the reconstruction process.
The devastating fires have resulted in the loss of at least 25 lives, and the destruction or damage of nearly 12,000 structures, engulfing an area equivalent to the size of Washington, D.C.
With winds expected to reach speeds of 20 to 40 miles per hour, with gusts up to 70 mph and humidity plummeting to single digits during the day, the National Weather Service issued a warning on Wednesday.
The relief fund received an initial contribution of $500,000 from Bank of America, with additional donations of $250,000 from Chevron and Ring, a home security firm.
Bank of America recently dedicated $1 million to the American Red Cross for recovery efforts, along with $500,000 to the LA Regional Food Bank and another $500,000 to the LA Chamber of Commerce.
Furthermore, the Royal Bank of Canada and L.A.'s City National Bank jointly pledged $3 million to assist victims of the catastrophic wildfires in Southern California.
AccuWeather, a private forecasting company, estimates the total economic loss and damage to be between $250 billion and $275 billion, potentially making the LA fires the most expensive natural disaster in the history of the United States, surpassing even Hurricane Katrina in 2005.