SVB Emergency Resources

NOTE: if you have additional resources, email: svbsos@pberg.com or DM on Twitter: @peter

UPDATE: it appears all depositors will be made whole come Monday, 3/13

https://www.federalreserve.gov/newsevents/pressreleases/monetary20230312b.htm 

Resources below are not endorsements or financial or legal advice. This is just an attempt to provide helpful information to anyone who might need it. Caveat emptor.

CONTENTS

FDIC Information

https://www.fdic.gov/resources/resolutions/bank-failures/failed-bank-list/silicon-valley.html 

SVB Status Page

Indicates the status of SVB banking systems & payment transfers, courtesy Modern Treasury:

https://www.moderntreasury.com/svb-resource-center 

Short-Term Funding Options

Brex - SVB Emergency Line

Capchase

Liquidity Group

https://www.liquiditygroup.com/ 

  • Loans up to 20% of your SVB deposits
  • Min loan $1M, up to $5M per account
  • immediate capital infusion to companies affected by SVB Bank events

OpenVC

8090

Viking Global - Structured Capital

8vdX

Up to 25% of the face amount of the SVB/FDIC certificates of deposit - which will be the collateral

  • Range: $250K up to $1M, capped at 25% of your ARR
  • Maturity of up to 18 months or next round of funding, whichever is earlier
  • Interest rate: flexibility to select between monthly cash coupon rate and pay-in-kind equity/SAFE

  • Repayment schedule - founders can choose single repayment or amortizing schedule
  • Processing fees: 2% at the time of disbursement

Contact: zeronote@8vdx.com or visit https://www.8vdx.com/venturedebt/

Truly Financial

Tranch

Nitra

  • expedited underwriting for new credit lines + bridge loans outside healthcare - up to $200k on card, more on bridge

Arc

More Payroll & Funding Resources

SVB - Resources for Running Payroll (+Resources To Date)

Legal Docs for Investor Bridge Loans

Angelist's Lifeline Agreement

Cooley Go

  • Short-term promissory notes - both secured & unsecured
  • Convertible note for investors + founders:

Banks with Fast Account Opening

Note: this is not legal or financial advice, but it might be a good idea to open a bank account with a major institution (think top-10 bank) to avoid any risk of negative sentiment spreading, e.g. to regional or other banks with a similar customer profile to SVB that might be affected by fears of contagion.

That said, a second account of some kind is going to be necessary to move funds out of SVB or to receive other business funds, and something is better than nothing, as more traditional banks may have longer onboarding times.

Mercury

Brex

ConnectOne Bank

Contact: Siya Vansia, EVP; svansia@cnob.com - Direct: 201-510-6793

https://www.connectonebank.com/ 

From the bank:

We can get business accounts open same day, offer up to $150MM in extended FDIC coverage and can get the company set up within a day (even if someone doesnt go with us, I'd encourage companies to ask about the time to get extended coverage). Plus we have our bankers mobilzed so companies have direct access.

Series Financial

Truly Financial

Additional Advice & Resources

Cooley Webinar on SVB situation

CFO & Finance Help

Helpful operational advice on how to navigate the FDIC, funding & new bank accounts for companies that don’t have a CFO: SVB - Next Steps 

Practical advice in this thread from the Secret CFO:

Offer of temp-CFO & financial modeling help: