Founders around the world are dealing with the fallout of Silicon Valley Bank’s implosion on Friday. Whether you’ve got deposits in the US, UK or elsewhere, the situation for businesses is uncertain and fluid.
The UK government is expected to step in to offer support of some kind this weekend and is holding talks with industry representatives today — but nothing is yet confirmed.
So, in the meantime, Sifted has collected a list of resources for entrepreneurs who are looking for advice and support.
Please email news@sifted.eu with any useful resources or information we’ve missed here; we’ll aim to update this piece regularly as the situation evolves.
Actions for startups affected by SVB UK issues
HM Treasury has invited startups to send information on their specific situation in confidence to EST@HMTreasury.gov.uk with the subject line ‘SVB UK’. Businesses should include in the email:
- Name of firm
- Approximate amount on deposit at SVB UK
- Approximate monthly cash ‘burn’ where that is relevant
- Whether firm banks only with SVB UK or has access to other UK banking facilities
The UK Business Angels Association (UKBAA) has also put a call out for tech entrepreneurs affected by the situation at SVB to complete a short survey to provide further data to the Treasury.
Advice for startups affected by SVB UK issues
Medium post by Jonthan Hollis, managing partner at Mountside Ventures, outlining different emergency funding options available to founders in the UK, including loans and dilutive routes.
Advice for startups affected by SVB US issues
“SVB crisis handbook for founders”, put together by Hari Raghavan, CEO of Florida-based startup AbstractOPS, including fact-sheets, lists of potential emergency lenders and advice for communications with internal and external stakeholders.
Google doc including links to guides on how to claim FDIC insurance for lost funds, available lines of emergency credit, as well as wider context on the situation.
Legal advice for companies with money deposited in SVB’s US entity, or staff in the US
23-minute webinar from law firm Cooley, on legal issues around payroll
Legal memo from law firm Inventus outlining implications for issues like payments started before SVB’s closing and the effects on interest accruing on deposits
44-minute webinar from law firm Goodwin answering questions around payroll and “how do I get my money?”
Upcoming advice
On Tuesday 14 March Sifted will be running a Sifted Talks with a panel of experts to answer questions from European founders affected by the SVB crash. Register interest here.
