Realize that any company with substantial exposure to SVB will be prioritizing their expenses and paying the most critical ones first-payroll is probably top of that list. I’m customer obsessed, here’s what I’d do: The point is, even if you didn’t have money in SVB, your customers might…and you probably have no idea of your exposure. Of course, one wonders why do so many startups bank at SVB? If you took loans from SVB or investment money from most VCs, you were either required or strongly encouraged to keep your cash in SVB. Other startups like solar mobility company Aptera Motors are publishing a quick release that say “They have no money in SVB”. Some companies like, an online toy store, have said “we had most of our company’s cash assets at a bank that just collapsed” and run 40% off sales to raise some quick cash to help meet payroll.
Clearly deposits under $250k are insured but who knows the impact to companies like Roku with $487 million (or 26% of it’s cash) in SVB. I realize that that most companies have no idea of their customer’s exposure to SVB, no idea how serious this is for them, and no idea it’s long-term impact. So you if own a business and it wasn’t affected by the failure of Silicon Valley Bank (SVB), did you stop and think if maybe your customers are affected by its collapse?
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