Actionable Steps for Startup Founders and Business Owners Following Silicon Valley Bank's Closure
Here are the actionable steps startup founders should take with Silicon Valley Bank's closure: Check if you have insured deposits with Silicon Valley Bank. All insured depositors will have full access to their insured deposits no later than Monday morning, March 13, 2023. If you have uninsured deposits, you will receive an advance dividend within the next week. Uninsured depositors will receive a receivership certificate for the remaining amount of their uninsured funds. The FDIC will sell the assets of Silicon Valley Bank, and future dividend payments may be made to uninsured depositors. Contact the FDIC toll-free at 1-866-799-0959 if you have accounts in excess of $250,000. Loan customers should continue to make their payments as usual. Silicon Valley Bank's...
