(Reuters) – The Los Angeles Chamber of Commerce announced on Wednesday the creation of an aid fund to support and rebuild small businesses affected by the wildfires that ravaged parts of Los Angeles last week.
The Chamber will provide grants ranging from $5,000 to $10,000 in direct support along with disaster recovery webinars and business advisory support to guide through the rebuilding phase.
The monstrous fires have killed at least 25 people, damaged or destroyed nearly 12,000 structures and already consumed an area the size of Washington, DC.
Some 6.5 million people remain under critical fire threat as winds are forecast to reach 20 to 40 miles per hour (32-64 km) with gusts of up to 70 mph and moisture falls in the single digits throughout the day, the National Weather Service said on Wednesday.
The new fund received an initial grant of $500,000 from Bank of America and additional contributions of $250,000 from Chevron (NYSE: ) and home security company Ring.
Bank of America awarded $1 million to the American Red Cross last week to help with recovery efforts, $500,000 to the LA Regional Food Bank in addition to half a million dollars to the LA Chamber.
Meanwhile, Canadian lender Royal Bank of Canada and LA’s City National Bank announced a joint donation of $3 million to support victims of the devastating wildfires in Southern California.
Private forecaster AccuWeather estimates the total damage and economic loss at between $250 billion and $275 billion, which would make the LA fires the costliest natural disaster in US history, surpassing 2005’s Hurricane Katrina.
