In this issue of Forbes Daily: - Why could Trump be arrested Tuesday - UBS agreed to buy its troubled rival Credit Suisse for $3.2 billion - Former Microsoft CEO is building a $2 billion arena for the LA Clippers Read more: by lcs_smythe
The failure of Silicon Valley Bank, now operating under FDIC receivership, is just one more obstacle that foreign-born founders will have to work harder to overcome, in addition to common roadblocks like the maze that is U.S. immigration policy. The disappearance of a supportive financial institution, which may have given many immigrant entrepreneurs their first business credit card or mortgage, is especially poignant.
Silicon Valley Bank, which had $189 billion in deposits at the end of 2021, was known for its founder-friendly policies, many of them. It accepted customers without Social Security numbers, provided first mortgages to entrepreneurs who might not meet a larger bank’s traditional criteria and helped early-stage founders get business credit cards that weren’t tied to their personal credit.
Young founders and those who historically have less access to capital, including women and Black entrepreneurs, are also likely to be affected by Silicon Valley Bank’s demise.operating businesses in the U.S. are key drivers of innovation, even as they’ve had to work harder to overcome obstacles,” saysSenior Editor Amy Feldman. “Because immigrants create so many companies, any fallout on them would have a disproportionate impact on the innovation economy.
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