When SVB failed last week, tech CEOs had a lot to worry about, most immediately how they would make payroll for March 15.
to make sure everyone was aware of the gameplan and the loan arrangement, which was structured as an unsecured promissory note. Dyrud said he was on the phone 12 hours a day, starting Thursday.to backstop deposits and ensure that all clients would be able to retrieve their money starting Monday.
He woke up at 7 a.m. on Monday and tried logging into his account, but kept getting error messages because the system was overloaded. That's when he got in his car. Tim Mayopoulos, who was appointed by the FDIC as CEO of the bank, now called Silicon Valley Bridge Bank, emailed customers to tell them that SVB is open for business and ready to receive and hold deposits.
Grabango was more limited than some other companies in how it could respond to the SVB crisis because of the terms of its agreement with the bank. Grabango counts on the bank for a venture debt line, which includes a provision that forbids the company from doing much banking with other institutions.
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