In wake of SVB collapse, California business owners scramble to contain fallout

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In wake of SVB collapse, California business owners scramble to contain fallout
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“I spent most of Friday afternoon writing all of our creditors and saying, ‘Hey, I know that we owe you money now, but hopefully everything will work out over the weekend,’” one California business owner said. “If it doesn’t, please have mercy on us.”

The failure of one of the tech industry’s central institutions could leave countless companies unable to pay their employees in the coming weeks.but there were still hiccups.

Watson said the sudden collapse of Silicon Valley Bank, which serviced more than half of all venture-backed tech startups in the country, had left founders “rethinking how we approach banking.” A First Republic branch in Studio City was filled Monday with customers. One said he had arrived at 9:30 a.m. to withdraw $340,000 and wire it to Bank of America.

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