Startups can't access funds in SVB at the moment, and they have payroll and vendor contract payment deadlines looming.
Startups find themselves scrambling in the wake of Silicon Valley Bank's abruptThese young companies can't access funds in SVB at the moment, and they have payroll and vendor contract payment deadlines looming.That could ultimately be resolved Monday once the FDIC reopens the bank as it has stated it would.
"Going forward, payroll runs through Rippling will have no exposure to SVB. But today's payment delay is a result of pay runs initiated early this week, with funds in-flight through SVB. Our full focus is on getting these employees paid as quickly as possible," ConradAshley Tyrner, CEO of FarmboxRx, which is an SVB customer, says venture firms gave their portfolio companies a head start.
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