CTBC Bank & LAEDC Secure Top Grant for Fire Disaster Relief
CTBC Bank and the Los Angeles County Economic Development Corporation (LAEDC) have announced a significant financial commitment to support small businesses affected by the recent wildfires in the Los Angeles area. The Federal Home Loan Bank of San Francisco (FHLBank San Francisco) has stepped in to match CTBC’s own $300,000 donation with an additional $50,000, bringing the total contribution to $350,000. This funding aims to assist small business owners as they navigate the financial challenges caused by the devastating wildfires, which have led to widespread destruction and displacement in Southern California.
The matching donation from FHLBank San Francisco marks a crucial step in bolstering recovery efforts in the region. As a major financial institution dedicated to supporting economic stability and community development, FHLBank San Francisco has long been committed to helping communities overcome natural disasters. Their $50,000 contribution represents the maximum match they can provide, and it serves as an acknowledgment of CTBC Bank’s leadership in responding to the crisis.
“CTBC Bank is honored to receive the FHLBank San Francisco matching donation to further boost the great work LAEDC is doing to support the small business community in this crucial time of need following the Los Angeles area wildfires,” said Robert De Acevedo, Senior Vice President and Community Reinvestment Act (CRA) Officer at CTBC Bank USA. “Small businesses are the backbone of our local economy, and we recognize the importance of stepping up in times of crisis to provide meaningful financial support that helps ensure these businesses have the resources they need to recover and rebuild.”
The combined donation of $350,000 will enable LAEDC to extend its outreach and assistance programs to small businesses that have been severely impacted by the recent wildfires. LAEDC has been actively involved in disaster relief efforts, offering crucial support to business owners who may be struggling to rebuild their operations in the wake of the destruction. These funds will be used to enhance LAEDC’s existing initiatives, particularly the Together for LA program, which was created to strengthen small businesses across the Los Angeles region and provide them with critical resources in times of crisis.
The recent wildfires have wreaked havoc across the Los Angeles area, leaving a trail of destruction in their wake. Thousands of homes have been destroyed, and tens of thousands of residents have been displaced. The disaster has also severely impacted the business community, with many small business owners facing overwhelming financial and logistical challenges. Recovery efforts will require significant collaboration between public and private entities, and the partnership between CTBC Bank, FHLBank San Francisco, and LAEDC serves as an example of how financial institutions can work together to provide meaningful assistance to those in need.
Joe Amato, Interim President and Chief Executive Officer, as well as Chief Financial Officer of FHLBank San Francisco, expressed his organization’s commitment to disaster recovery and community support. “Our hearts are with the individuals, families, and communities affected by the devastating wildfires in Southern California. These fires have destroyed over 10,000 houses in our district and have displaced tens of thousands of people from their homes,” Amato said. “CTBC Bank and LAEDC serve a vital role in disaster relief and recovery and are highly focused on rebuilding communities.”
Stephen Cheung, CEO of LAEDC, emphasized the importance of partnerships in addressing the challenges faced by small businesses in the aftermath of the wildfires. “We are extremely grateful for the generous support from CTBC Bank and the Federal Home Loan Bank of San Francisco,” Cheung said. “This $350,000 contribution will significantly strengthen our ability to deliver critical resources and assistance to small businesses impacted by the recent wildfires. Through our Together for LA initiative, we’re committed to helping these businesses recover and rebuild, ensuring a stronger, more resilient Los Angeles region. Partnerships like this exemplify the power of collaboration in times of crisis.”
The Together for LA initiative, which LAEDC spearheads in collaboration with other community partners, plays a crucial role in offering tailored support to businesses that are struggling in the wake of disasters. This initiative provides direct assistance, access to critical recovery resources, and coordination with other organizations to streamline the support system for affected businesses. The additional funding from CTBC Bank and FHLBank San Francisco will enhance the initiative’s capacity to offer financial relief, technical assistance, and strategic guidance to small business owners navigating the recovery process.
In addition to financial contributions, FHLBank San Francisco offers a suite of tools and resources designed to assist member financial institutions in addressing both immediate and long-term recovery needs. These tools include discounted credit programs aimed at supporting affordable housing development, economic growth, and community revitalization efforts. Through these programs, FHLBank San Francisco helps ensure that financial institutions like CTBC Bank can extend meaningful support to communities facing economic hardship due to disasters.
The impact of the wildfires on small businesses cannot be overstated. Many business owners have lost their physical storefronts, inventory, and essential equipment, while others are struggling to retain employees and sustain operations amidst the uncertainty. The funding provided by CTBC Bank and FHLBank San Francisco will help mitigate some of these challenges by providing business owners with access to financial aid, professional guidance, and essential resources needed to rebuild and move forward.
This generous contribution also highlights the growing role of financial institutions in supporting disaster relief efforts. In recent years, banks and other financial entities have increasingly taken on a more proactive role in responding to crises, recognizing that the economic stability of communities depends on their ability to recover from disasters quickly and efficiently. By leveraging their financial resources and strategic partnerships, banks can play a pivotal role in fostering resilience and helping businesses and communities rebuild stronger than before.
The donation from CTBC Bank and FHLBank San Francisco is a testament to the power of public-private collaboration in addressing urgent community needs. By working together, these institutions are helping to bridge the gap between financial relief and long-term recovery, ensuring that small businesses—often the lifeblood of local economies—have the support they need to overcome adversity. This commitment to community resilience underscores the importance of corporate social responsibility in the banking sector, setting a positive example for other financial institutions to follow.
As Los Angeles embarks on the long road to recovery, initiatives like the one supported by CTBC Bank, FHLBank San Francisco, and LAEDC will be instrumental in restoring economic vitality and ensuring that affected businesses can thrive once again. The financial assistance provided through this partnership will not only help small businesses recover from the immediate impact of the wildfires but will also contribute to building a stronger, more disaster-resilient local economy for the future.
Ultimately, the combined efforts of CTBC Bank, FHLBank San Francisco, and LAEDC reflect a shared commitment to community well-being and economic sustainability. In the face of adversity, these organizations are demonstrating how financial institutions can serve as catalysts for recovery, helping communities rebuild and emerge even stronger after a disaster.
