With SVB gone, a lot of young companies will find it harder to manage their finances. Here's why.
In the wake of the current wave of bank failures, one of the startups I currently work with — a Silicon Valley Bank customer — recently applied to open an account with a major money center bank. The bank came back with a long list of objections and ultimately declined to open even a basic banking account. Reasons given were: the startup was not 100% U.S. owned, had a foreign-born CEO, and had a senior manager residing outside the U.S.
Because SVB were experts in understanding this startup evolution, they were much better partners than traditional banks. SVB was more lenient in allowing variations from specific revenue covenants that are often part of banking relationships. From their inception, they offered ideas for investment banking relationships, potential customers, and even executives who could join our company. This was a full-service bank focused on startups.
Argentina Últimas Noticias, Argentina Titulares
Similar News:También puedes leer noticias similares a ésta que hemos recopilado de otras fuentes de noticias.
Senators call on former Silicon Valley Bank, Signature Bank CEOs to testifySens. Sherrod Brown and Tim Scott said the former CEOs of the fallen banks should 'answer for' their banks' 'downfall' in Senate testimony.
Leer más »
Citigroup CEO says banking system ‘pretty sound’ after failures of Silicon Valley Bank, Signature BankCitigroup Inc CEO Jane Fraser on Wednesday expressed optimism in the nation's banking system despite the failures of Silicon Valley Bank and Signature Bank.
Leer más »
Did weakening bank regulations in 2018 set up Silicon Valley Bank for collapse?Our San Diego Econometer panel considers how banking regulations rolled back in 2018 might have factored into recent bank failures.
Leer más »
Silicon Valley Bank leaders 'failed badly,' Fed Chair Jerome Powell saysFederal Reserve head Jerome Powell criticized the leadership of Silicon Valley Bank on Wednesday, painting the second-largest bank failure in U.S. history as an isolated instance caused by poor judgment.
Leer más »
Fed's Powell: Silicon Valley Bank management 'failed badly'Federal Reserve Chairman Jerome Powell said Wednesday the management of Silicon Valley Bank 'failed badly' by exposing the firm to substantial risks from its bond holdings and deposit base.
Leer más »
PolitiFact - Claim that Silicon Valley Bank donated $73 million to Black Lives Matter is unsupportedSilicon Valley Bank’s charitable contributions primarily went to groups and initiatives that had no clear association with the Black Lives Matter movement.
Leer más »