SVB Survivors Club

We are compiling useful links, best practices, and reading. (There are better places to find realtime gossip.)

Money at SVB

• Federal Reserve Press Release - 6:15pm EDT 3/12/23
  “Depositors will have access to all of their money starting Monday, March 13. No losses associated with the resolution of Silicon Valley Bank will be borne by the taxpayer.”
• FDIC Claims Portal
  If you see an error, try this: “the FDIC switchboard a client services person informed that there is a bug in the system and to click “NetBank” instead and make it clear in the commentary that the claim is relating to Silicon Valley Bank.”
• FDIC SVB Page
• If you quickly need a non-SVB commercial bank acccount: walk into your local big bank with 2 forms of ID (for founder/owner), EIN #, and your articles of incorporation. The online application systems for most of the major banks are overwhelmed, but many founders (including the author) were successful setting up new accounts in person.
• DO NOT wire $ to an account that your company is not the beneficiary of. (Personal Account, Other Startup’s Account, etc.)

Short-term Capital

• Brex Emergency Credit Line
• Arc - Funding to Make Payroll

Legal Perspectives

• Goodwin - SVB Resource Page
• 3/10/23 Goodwin Webinar - emphasis on employment law aspects
• 3/11/23 Cooley Perspective on Capital Access

Psychological and Philosophical Fortitude

• Ten Things To Keep In Mind During A Crisis - Anamaria Nino-Murcia
• Incerto - Nassim Taleb
• Ergodic Entrepreneurship - Raymond Weitekamp