Many businesses worldwide are affected, including winemakers in California and tech startups in the UK.
Global impact on businesses
Loans and credit for startups
The bank provided loans and credit to startups, including many in the cryptocurrency industry.
Struggling to manage finances
Its collapse has left many struggling to manage their finances, with some struggling to pay employees.
Regulators seeking a buyer
Regulators are trying to find a buyer for the bank, and the Bank of England promised to pay out eligible depositors.
UK startups affected
UK startups woke up to find the bank's UK business would no longer accept deposits or make payments.
Concerns for vineyards in California
Vineyards in California are also affected, with concerns for smaller vintners who rely on the bank for lines of credit.
Scrambling for alternative funding
Businesses are scrambling to find alternative sources of funding, and some may have to furlough employees.
Importance of multiple bank partners
The importance of having multiple banks as partners is emphasized.
Businesses need to be prepared for sudden changes in their banking relationships.
Preparing for sudden changes
Silicon Valley Bank has caused significant distress for businesses worldwide. The situation highlights the need for multiple banking partners for sudden changes in banking relationships.