Walt Disney Company executive chairman Bob Iger and his wife Willow Bay are donating $5 million to help Los Angeles small businesses during the COVID-19 pandemic.
Los Angeles Mayor Eric Garcetti made the announcement on Thursday.
Iger and Bay, the dean of USC’s Annenberg School for Communication and Journalism, previously donated $500,000 to the Mayor’s Fund of Los Angeles, which has been providing grants to people in need during the coronavirus crisis.
“Small businesses are the heart and soul of our communities, and we hope this helps some of the hardest hit to stay afloat during this difficult time,” Iger and Bay said in a statement.
Mayor Garcetti said their most recent donation will help 1,000 struggling businesses.
“Your new commitment will help these businesses weather this storm, and we are beyond grateful for your bold leadership,” the mayor said during his briefing on the city’s response to the coronavirus pandemic, which focused mostly on the L.A.’s vaccine rollout.
Iger served as Disney chief executive for 15 years until being named executive chairman last year.