On Sunday evening, as the fallout of Silicon Valley Bank’s (SVB) historic collapse continued to impact the startup economy and other major banks, the US government announced significant steps to promote public confidence in the banking system and protect the economy.
Although the Federal Deposit Insurance Corporation’s (FDIC) closure of both SVB and Signature Bank fully protects all depositors, shareholders and unsecured debtholders will not be similarly safeguarded. Any losses to the Deposit Insurance Fund will be recovered through a special and ongoing assessment of banks.
But these regulatory actions do not answer every question that those with personal or professional connections to the country’s second-largest bank failure might have. If you are among those impacted by the recent decline in SVB’s share value — whether as an employee, depositor, affected founder or adjacent party — you may now feel fairly uncertain and overwhelmed.
However, rest assured that Technical.ly has been closely monitoring the situation and gathering resources to help. These supports come from influential entities in and outside of our network who took early action to help organize an otherwise chaotic and constantly changing situation. Here are some that can be useful to any impacted individual or company, whether in Baltimore or beyond.
UpSurge Baltimore’s Resource Guide
UpSurge Baltimore jumped into action this weekend by assembling a guide of financial, legal and educational resources for Baltimore tech ecosystem denizens. UpSurge Baltimore’s CEO Jamie McDonald will also host a Zoom webinar on Monday, March 13 at 1:30 p.m. that features Jeff Cherry, managing partner of Conscious Venture Partners; and Ollen Douglass, managing partner of Motley Fool Ventures. McDonald urged anyone interested to join the session as the trio discuss the collapse of SVB, what’s next for those affected and tips to protect your company against future shocks.
“The events of the past few days showed how we can come together in a crisis,” McDonald said in a comment on LinkedIn. “Want to know how you can support founders, their companies and their employees everyday? Take their calls/meetings and give feedback/take action. Help them generate revenue. Be an angel investor. Share your networks. Introduce key contacts at large enterprises. The best support for startups is taking action to help companies grow.”
Join UpSurge Baltimore and friends this Tuesday, March 14, at Guilford Hall Brewery for a special Equitech Tuesday. The recurring meetup, which typically takes place every Tuesday starting at 6 p.m., offers space for Baltimore’s tech community to connect, collaborate and support an increasingly diverse set of startup founders and their companies. According to McDonald’s post, some “special guests and resource providers” will be in attendance to support founders this Tuesday. Attendees need not register anywhere and can simply walk in.
SVB Crisis Playbook for Founders
Tech executives Hari Raghavan, Alex Roytenberg, Chris Seidensticker and Amar Sood put together this playbook to help founders navigate the short-term troubles that SVB’s collapse may present. The guide includes talking points to help founders discuss the fallout with their teams and stakeholders, emerging news from the FDIC and helpful data about the unfolding banking crisis.View the playbook
Goodwin Procter’s SVB FAQ sheet
This FAQ sheet, authored by several of the global law firm’s US-based attorneys, common questions about SVB’s shutdown and how it could potentially impact domestic companies.See the FAQs
Shearman & Sterling’s Key Considerations for Employers in a Liquidity Crisis
SVB’s closure has led to liquidity issues for employers, affecting their ability to pay employees on time and operate compensation and benefits programs. Multinational law firm Shearman & Sterling published some key considerations for companies handling employee-related issues in the bank collapse’s wake, as well as related disruptions in accessing liquidity.View the guide
Do you have any other resources that can help founders, in Baltimore and elsewhere, survive this historic bank failure? Let us know at email@example.com.
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