Silicon Valley Bank seizure leaves a massive hole — and a large opportunity — in the world of climate finance
Publishing timestamp: 2023-03-15 15:44:12
Summary
Silicon Valley Bank (SVB) has been a go-to bank for startups seeking bankers who understand startup life and balance sheets, including for climate tech startups. However, since SVB started, the climate space has grown up, and there are going to be lots of financiers looking to serve the climate community going forward simply because it's good business. SVB was especially prominent in making loans to companies with venture capital funding, known as "venture debt." It's essential for startups that are still not generating enough cash flow to be self-sustainable, especially when they are between funding rounds. However, after a very stressful weekend for many startup founders and investors, banking regulators hatched a plan to backstop SVB's deposits, ensuring that depositors won't lose their money.
Sentiment: NEUTRAL
Keywords: svb financial group, venture capital, business news, banks, start-up, jpmorgan chase & co, climate change, technology,
Source: https://www.cnbc.com/2023/03/15/what-the-silicon-valley-bank-collapse-means-for-climate-tech.html