From winemakers in California to startups across the Atlantic Ocean, companies are scrambling to figure out how to manage their finances after Silicon Valley Bank suddenly shut down Friday.
From winemakers in California to startups across the Atlantic Ocean, companies are scrambling to figure out how to manage their finances afterFriday. The meltdown means distress not only for businesses but also for all their workers whose paychecks may get tied up in the chaos.
Across the Atlantic, startup companies woke up Saturday to find SVB's U.K. business will stop making payments or accepting deposits. The Bank of England said late Friday that it will put Silicon Valley Bank UK in its insolvency procedure, which will pay out eligible depositors up to 170,000 British pounds for joint accounts"as quickly as possible."
"They really understand the wine business," Hirsch said."The disappearance of this bank, as one of the most important lenders, is absolutely going to have an effect on the wine industry, especially in an environment where interest rates have gone up." Co-founder David Murray credits an email from one of Confirm's venture capital investors, which urged the company to withdraw its funds"immediately," citing signs of a run on the bank. Such actions accelerated the flight of cash, which led to the bank's collapse.
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