I rushed from bank to bank with my infant daughter when SVB collapsed to figure out how my startup could make payroll on time
Dispatch Goods, a Silicon Valley Bank customer, provides reusable packaging to meal and grocery delivery companies. In the days around the bank'sworked to find ways to quickly pay employees, while trying to get guidance from the Federal Deposit Insurance Corporation, whichSVB's crash left my startup with $25 in a new checking account on Thursday, March 11
And what was decided is that it's probably prudent to move some of our funds outside of Silicon Valley Bank, just to be extra sure that we have capital available if something were to happen. We were just pulling up when another person notified us that a security guard had come out and told everyone that the FDIC had taken over the bank, and no one had access to money at that point.
Everybody else on the team was doing whatever they could to make sure everyone is paid, and even raising their hand to pay personally, which is just so far above and beyond what is expected of employees. We're not finance people. We're not bankers. We're not venture capitalists. We're just like, regular people working jobs. And SVB supported a lot of climate tech startups.
One of the other founders shared about getting checks printed, and said that some banks will print you checks the same day, or even write them out for you. That was the idea that spurred like,"Okay, the best chance I have of getting money to people by Wednesday, is to go get checks printed at a physical bank."
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