Tech startups amid the bankruptcy of Silicon Valley Bank, a major US bank, faced the challenge of obtaining “extraordinary terms of credit and service.” In this respect informs “Kommersant”. Both will likely become much less accessible to young companies after the collapse of the SVB, according to the newspaper.
According to the publication, SVB has been lending to startups in Silicon Valley for 40 years and was the largest bank of its kind in the United States. SVB’s business model was entirely startup oriented and the lenders were venture capitalists that the bank could “convince the next startup deserves a chance and financing”.
On March 10, 2023, the bank declared bankruptcy. Individuals will be able to return the money stored in it without any consequences – the American authorities took care of this.
formerly Bloomberg WroteAfter the bankruptcy of SVB, high-tech start-ups around the world struggle to survive.