The immediate crisis for technology companies with deposits with the Santa-Clara bank appears to have passed, after the US Federal Reserve announced an emergency $US25 billion package.
on Tuesday, but many are still grappling with whether urgent debt facilities can be replaced in a tough financing market amid the threat of further contagion.
“We are talking with a few other banks in the US, but this won’t affect our ability to operate there.” But over the past two days, Mr Brummer was forced to speak with alternative debt providers to secure another round of venture debt. None can match the terms that SVB had provided. “There’s going to be good start-ups that might fall on really hard times and might even die when they really shouldn’t.”
Jamie Beaton, founder of Crimson Education, managed to get his funds out of SVB and transferred them to his home bank in New Zealand.“Terror has changed to relief and the main issues people were fretting about have abated,” Mr Beaton said.
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