SANTA CLARA, Calif.,
March 30, 2020 /PRNewswire/ --
Silicon Valley Bank (SVB), the bank of the world's most innovative
companies and their investors, today announced COVID-19
Response & Community Support initiatives that stem
from SVB's mission to
increase its clients' probability of success,
champion the innovation economy and support the global
communities in which the company operates.
"Our response effort is focused on the health and safety of
our employees, and serving our clients seamlessly
throughout this volatile time," said Greg
Becker, CEO of Silicon Valley Bank. "Our entire team is
dedicated to easing the current financial pressures our
clients face and contributing to the larger
community. We are well-positioned financially to
support our clients, and we're leading with our values as we
extend our support."
Find an overview of SVB's COVID-19 response efforts
at https://www.svb.com/covid-relief
SVB Debt Relief
SVB's first
relief initiative will provide certain venture
debt borrowers with loans $10
million or less (or local currency equivalent) an
opportunity to defer their principal payments for a
period of six months. Clients that qualify for this
program will be notified directly. This SVB
program is expected to reach up to $600 million
in aggregate payment relief across our global client
base. Additional relief programs and initiatives that are
in development for SVB clients will be communicated
directly to applicable clients in the coming
weeks.
Government Debt Relief
SVB continues to be actively involved
in industry discussions to assist with the
development of solutions to support small businesses and
the innovation economy and will engage further as
the regulations and details of the government programs
unfold. SVB expects to participate in the Paycheck
Protection Program under the US Coronavirus Aid, Relief and
Economic Security (CARES) Act once regulations are
released. The company is undertaking similar
activities in other markets including the Coronavirus Business
Interruption Loan Scheme (CBILS) program in the UK and KfW-led
programs in Germany.
Startup and Small Business Resources
SVB is also supporting Hello
Alice's Business for All initiative through
emergency grants for COVID-19 relief. Hello Alice, a free
platform that guides business owners through the growth of their
company, recently launched a
COVID-19 Business Resource Center updated
daily with real-world funding, resources, mentors and support for
New Majority entrepreneurs adapting to the impacts of coronavirus.
Learn more and apply for emergency grants
at https://www.covid19businesscenter.com/.
Engaging Community Support
SVB has committed $5.5 million
to COVID-19 relief across the 8 countries and 15 states
where the company has offices. Its
community efforts are focused on three primary
areas to support the most acute needs: health, food
security and shelter, and small business owner
relief.
The SVB COVID-19 Response Fund, officially
launching today in partnership with Founders
Pledge, was established to identify and consolidate
into a single fund high-impact solutions to
the pandemic crisis. Founders Pledge is
a global nonprofit organization that empowers
entrepreneurs to do immense good. It offers evidence-led
charity research, streamlined giving infrastructure, and a
community of mission-aligned peers and impact experts. SVB is
making an initial $1 million
investment in the SVB COVID-19 Response Fund, and accepting
contributions from its clients, partners and the
public to fund this critical work. The fund will not only
contribute to activities that aim to help slow COVID-19's
spread, it will provide relief to those affected, and better
equip people for future pandemics. Read more about the
fund and the specific causes it supports and
donate at https://www.founderspledge.com/svb-covid-19.
About Silicon Valley Bank
For more than 35 years,
Silicon Valley Bank (SVB) has helped innovative companies and their
investors move bold ideas forward, fast. SVB provides targeted
financial services and expertise through its offices in innovation
centers around the world. With commercial, international and
private banking services, SVB helps address the unique needs of
innovators. Learn more at svb.com.
©2020 SVB Financial Group. All rights reserved. SVB, SVB
FINANCIAL GROUP, SILICON VALLEY BANK, MAKE NEXT HAPPEN NOW and the
chevron device are trademarks of SVB Financial Group, used under
license. Silicon Valley Bank is a member of the FDIC and the
Federal Reserve System. Silicon Valley Bank is the California bank subsidiary of SVB Financial
Group (Nasdaq: SIVB).
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SOURCE Silicon Valley Bank