'It was agony': Why SVB's collapse is especially hard as a Black founder, says CEO
Publishing timestamp: 2023-03-24 11:56:12
Summary
Silicon Valley Bank's collapse and subsequent takeover by the Federal Deposit Insurance Corporation caused distress for many of its customers, particularly Black startup founders who had relied on the bank's support for diverse backgrounds. While the FDIC-insured deposits were covered, the incident highlights the challenges faced by Black entrepreneurs in accessing business financing and venture capital funding. Some customers, like Squad founder Isa Watson, are skeptical about returning to SVB and are considering diversifying their banking partners.
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Tickers: SIVB,
Keywords: svb financial group, entrepreneurship,