Disney's Bob Iger and his wife Willow Bay donating $5 million to Los Angeles small businesses

LOS ANGELES -- Walt Disney Co. executive chairman Bob Iger and his wife Willow Bay are donating $5 million to help Los Angeles small businesses survive the pandemic, Mayor Eric Garcetti announced 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 Angelenos 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.

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.

The mayor thanked those who have donated to the fund and called the grants the "difference between folding up and pushing through."

"No matter who you are, no matter how much you have, you can make a difference as well," Garcetti said.

The Walt Disney Co. is the parent company of this station.