SVB Collapse Resources

This is a compilation of resources we have been sharing with the startup founders in the REFASHIOND Ventures portfolio since Silicon Valley Bank’s collapse started unfolding.

We have tried to organize it in a way that is easy for readers to quickly skim, before homing in on what’s most relevant for each unique situation. 

We assume startup founders’ most pressing need is near term options to help fund payroll in the coming week or so. So we have started with options to tackle that specific problem. 

We are gathering information from others and collating it here as a service to the community. If you have a resource you’d like us to add here, please send it to one of us via a DM on social media.

Note #1: Our fund is tiny, and our team is small, but we have been working tirelessly on behalf of our portfolio of 30 startups since Thursday night, and are pulling this together to share with our friends and the rest of the startup community - especially founders who may not have full time investors supporting them through this crisis. 

We’ll be updating this from time to time if we find other useful information or resources.

Please forgive us for any mistakes or oversights. We are doing our best with very limited resources. 

Note #2: Most of our best contacts are in the United States, but we have gathered resources we feel are credible for founders in other parts of the world where The Worldwide Supply Chain Federation has nascent communities. Scroll to the end for those resources.

Note #3: Use at your own risk. Nothing in this document may be construed as legal or financial advice.

Note #4: Please exercise due caution since crises like this one encourage bad actors to pray on public anxieties.

Disclosure: We manage our rolling fund on AngelList, and we maintained an account with a small deposit at SVB. We do not have any financial conflicts related to this post. 

for NEAR TERM cash needs

AngelList: https://www.angellist.com/lifeline-agreement

Brex: https://www.brex.com/svb-emergency-line.

Arc: https://www.arc.tech/payroll 

Nitra: https://tranch.com/suppliers/svb

Capchase: https://docs.google.com/forms 

There are unverified, but credible reports that on Monday up to 50% of deposits will be available. 

New Banking Relationships

JP Morgan Chase - Thanks to Yasin Abbak

Cosimo Papandrea
Vice President, Sr. Business relationship Manager | JPMorgan Chase & Co.
Platinum Service line: 877.425.8100
cosimo.x.papandrea@chase.com

Nicholas San Juan 
Business Relationship Manager  | Chase Business Banking
230 Park Ave S., New York, NY 10003
nicholas.sanjuan@chase.com

What you'll need…

  1. Articles of incorporation. For companies incorporated in Delaware or New Jersey, we need a letter of good standing as well.

  2. EIN #

  3. Ownership structure/Org chart

  4. Provide a list of owners/members with % ownership - only 10% or higher owners need to be listed for corporations.

  5. US address for the business (cannot be a PO Box)

  6. For each signer, we need two forms of ID (passport, license, etc.), Social security # and address

Morgan Stanley

https://www.morganstanley.com

The Front Street Group can help to open cash accounts at Morgan Stanley for companies that were banking with SVB. They can manage cash using treasury bills or institutional money markets yielding between 4.70% and 5.20%, depending on the maturity and structure.

Jeffrey Levinsohn

Note: I have known the team at Front Street Group since 2008.

Pacific Western Bank

https://www.pacwest.com

Andrew Ghannam
EVP, Head of East Coast Tech Venture Banking
LinkedIn Profile
Email: aghannam@pacwest.com

Stifel Bank

https://www.stifel.com

Alan Faulkner
Director, Venture Banking
LinkedIn Profile
Email: afaulkner@stifelbank.com

Note: I have known Alan since 2013.

First Rebublic Bank

https://www.firstrepublic.com

Jeff Maier
Sr. Managing Director, Private Equity Finance
Contact Emails: NYPESupport@firstrepublic.com and cashmgmtpe@firstrepublic.com

First Republic Bank - Who We Are
First Republic Bank - NY PE/VC Team

What you'll need…

  1. Articles of incorporation

  2. Tax ID

  3. List of Authorized Signers & Copy of ID

  4. Brief Description on Purpose of Entity

  5. Confirmation on expected countries of transactions. All domestic? International?

Some banking contacts from others in our network…

Basic Cash & Treasury Management - HT Brian Glick

Ask for Insured Cash Sweep services with your bank - they should be able to advise you on how best to access that service. If they do not offer it, you should consider initiating a relationship with a bank that does.

Other Debt Options - Thanks to David Teten

See this comparison guide of debt options for SAAS companies. Some other marketplaces focused on debt: BitX, Capx, Capital Source Group, Cerebro Capital, Corl Marketplace, Fundera, Intro.me, GUD Capital, LenCred, Lendio, NerdWallet Small Business Loans, QuickBooks Capital, and SmartBizLoans. Braavo specializes in financing app companies. 

See FindVentureDebt for venture debt specifically. Many financial services specialists specialize in helping you source and structure debt, e.g., Armentum Partners.

Legal Issues

My friend, Ed Zimmerman, and his colleagues at Lowenstein Sandler LLP have put together a primer of issues that startup founders should consider as they work through this crisis.

See this tweet: https://twitter.com/brianlaungaoaeh/status/1634921987532533762?s=20

Resources From Other Founders & Investors

For Founders Outside the United States

Other Things We Have Done

We have signed onto this Venture Capital Statement of Support for SVB - please consider sharing it so that other VCs to whom you are connected might see it and perhaps sign on too.