The tech ecosystem has been tossed into turmoil as Silicon Valley Bank, one of the nation’s largest banks for startups, collapsed Friday following a run on deposits. Now, with the bank’s assets frozen and under the control of the Federal Deposit Insurance Corporation, SVB’s customers, employees, and investors are grappling with a mountain of questions.
Customers will have access to their “insured” deposits by Monday, according to the FDIC. But FDIC insurance tops out at $250,000, and given that many startups kept a lot more than that with SVB, a lot of businesses are likely to have difficulties accessing their capital in the coming days and weeks.
