Silicon Valley Bank Insolvency

Below is a list of useful references and resources in relation to the collapse of Silicon Valley Bank.  We have not validated all suggestions and cannot vouch for them but we felt we should collate and share them for those with questions.

1) Lobbying / Data

Various parties are lobbying government to encourage ongoing support to the ecosystem through this crisis.  Details as follows in respect of the UK.

VCs and Founders: please record your support via the BVCA for a potential purchaser of SVB here.

Founders: provide data and complete the statement of support for a potential purchaser of SVB UK here

Founders impacted by the collapse of SVB: contact HM Treasury using these simple instructions here

Founders impacted by the collapse of SVB: complete details for the UK Business Angels Association survey here

Founders & VCs: add your name to this open letter to Jeremy Hunt which was sent yesterday but will be updated here

2) Alternative Banking Relationships

A list of alternative deposit banking partners from the team LocalGlobe here

In addition we have proposals for prompt support from CIBC (sean.duffy@cibc.co.uk) and Swiss bank EFG (www.efgl.com)

The Notion team can provide support regarding venture debt and facility replacement (imilbourn@notion.vc and mdonohoe@notion.vc)

We have seen several parties including Hedge Fund offering to buy out SVB debt at a discount (article here). We also spoke to nguardans@kingstreet.com on this subject who has an offering.

A few companies have successfully opened new GBP and EUR business accounts with Fire.com some claiming onboarding in <2 hours. Fire is an EMI and use Barclays for agency banking in GBP.

3) General / FAQs

Advisory information from Wilson Sonsini here

A list of emergency resources from the team at Mountside Ventures here

A list of emergency resources from the team at Madonna Capital here

FAQs from Goodwin to better understand the situation here

Register for a webinar from Orrick on the subject here

Register for a webinar from Cooley on the subject here

Advice from Macfarlanes here.


4) Coaching / Support

At Notion we are here to help, so if you want to speak to us please let us know.  We also have various professional coaches we can access. Speak to smillard@notion.vc in the first instance.

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