StockNews.AI
USA
StockNews.AI
187 days

CTBC Bank Contributes $300,000 to Support LAEDC's Small Business Recovery Efforts Following Los Angeles Wildfires

1. CTBC Bank donated $300,000 for small business recovery post-wildfires. 2. Small businesses constitute 94% of LA County, vital for economic recovery. 3. The Together for LA initiative supports businesses during crises for regional resilience. 4. LAEDC aims to institutionalize support for future disasters with CTBC's backing. 5. Public-private collaboration proves impactful in aiding economic recovery efforts.

6m saved
Insight
Article

FAQ

Why Bullish?

Support for small businesses can enhance local economic stability, similar to post-2008 recovery initiatives.

How important is it?

The initiative could directly affect the economic landscape in Los Angeles County, supporting local businesses.

Why Short Term?

Immediate financial support stimulates local economies, impacting businesses' short-term performance.

Related Companies

CTBCLAEDC
LOS ANGELES--(BUSINESS WIRE)--The Los Angeles County Economic Development Corporation (LAEDC) is proud to announce a generous $300,000 contribution from CTBC Bank to support its ongoing efforts to aid small business recovery in the aftermath of the recent Los Angeles wildfire disaster. This foundational contribution will allow LAEDC to expand its supportive services and bolster the Together for LA initiative, a collaborative effort designed to assist small businesses throughout the Los Angeles region in times of crisis. “Ninety-four percent of all LA County companies have less than 20 employees. Small businesses are the backbone of our regional economy, and their recovery is essential to ensuring the economic vitality of Los Angeles County,” said Stephen Cheung, CEO of LAEDC. “CTBC Bank championing this effort will serve as a catalyst for other corporate contributions, and will enable us to provide crucial support to businesses impacted by the wildfires and help build a more resilient economic framework for the future.” The Together for LA Initiative, originally launched in response to the COVID-19 pandemic, was reactivated during the recent wildfire disaster to provide critical resources, information, and assistance to small businesses affected by the fires. This initiative brings together government, business organizations, philanthropy, and community partners to ensure a coordinated approach to disaster recovery and economic resilience. CTBC Bank USA’s contribution will both directly support small business recovery efforts in Los Angeles, and also will strengthen LAEDC’s ability to leverage additional resources to institutionalize the Together for LA initiative. This institutionalization will prepare the region for future disasters, ensuring that small businesses have access to timely and effective assistance when they need it most. “CTBC Bank is committed to supporting the communities we serve in the Los Angeles area, especially in times of need,” said Noor Menai, President and CEO of CTBC Bank USA. “As Taiwan’s leading international bank with operations in 14 countries, we have the focus and expertise to help steward companies and families in the most challenging times. Through our partnership with LAEDC and the Together for LA Initiative, we’re proud to help small businesses with the tools and advisory services essential to recover and rebuild while contributing to the long-term resilience and growth of the Los Angeles region.” The contribution from CTBC Bank demonstrates the power of public-private collaboration in driving meaningful impact. The funding will allow LAEDC to offer a range of services, including direct assistance, access to critical recovery resources, and strategic coordination with partners to streamline support for small businesses navigating the challenges caused by the wildfire disaster. For more information about the Together for LA Initiative or LAEDC’s disaster recovery efforts, please contact Linden.Johnson@laedc.org or visit www.togetherforla.org About LAEDC The Los Angeles County Economic Development Corporation (LAEDC) is a nonprofit organization working to enhance economic opportunity and quality of life in the Los Angeles region. By fostering inclusive economic growth, supporting workforce development, and providing business assistance, LAEDC is committed to building a more equitable and resilient regional economy. www.laedc.org About CTBC Bank Corp. (USA) CTBC Bank USA is a trusted and established financial institution for commercial and retail customers. Founded in 1989 and headquartered in Los Angeles, CTBC Bank operates branches in California, New Jersey, and New York. The bank’s operations include deposits, loans, credit cards, foreign exchange, letters of credit, wealth management, mobile, and electronic banking services. Customers benefit from access to large bank resources coupled with individual attention and customized service of a small bank. Its parent company, CTBC Bank Co. Ltd., is supported by more than $290 billion in assets and is among the largest banks in the world in terms of capital. For more information about CTBC Bank, visit www.ctbcbankusa.com.

Related News