SANTA CLARA, Calif.,
April 27, 2020 /PRNewswire/
-- Silicon Valley Bank (SVB), the bank of the world's most
innovative companies and their investors, today announced the
expansion of its COVID-19 Response & Community Support
initiatives designed to support clients with financial hardships,
help stabilize the broader innovation economy and provide
on-the-ground relief in communities around the world in which SVB
operates.
SVB continues to offer a variety of debt relief options for
clients negatively impacted by the COVID-19 pandemic. SVB is also
participating in the Small Business Administration's Paycheck
Protection Program (PPP) under the US CARES Act and will donate the
net PPP origination fees it receives from the SBA to relief
efforts. These funds will be added to the $5.5 million that SVB previously committed to
COVID-19 related community efforts and global relief
funds.
"Many of our clients, our employees and those in communities
where we work and live are facing pandemic-related hardships, and
we consider it our responsibility to support them and the wider
innovation ecosystem as best we possibly can during this
exceptionally difficult time," said Greg
Becker, CEO of Silicon Valley Bank. "Our banking teams
around the world are working hard to deliver creative and flexible
solutions to help clients and communities being tested by this
crisis."
SVB Debt Relief
SVB's venture debt relief initiative, launched on April 1, has enabled more than 1,000 startups to
defer their principal payments on a combined $1.8 billion in funded debt for six months. The
Premium Wine Division is enabling a majority of clients to defer
principal payments for three or six months. In addition, SVB
Private Bank clients are given the option to defer mortgage
payments for 90 days.
Government Relief
SVB is actively working with industry groups and government
leaders where we operate to help design and implement
small-business economic relief programs and initiatives to help
stabilize the innovation ecosystem and prepare for recovery. SVB
participated in the Paycheck Protection Program under the US CARES
Act and received applications from more than 5,500 small businesses
and startups. As of April 16, when
the SBA stopped accepting applications, SVB had obtained SBA
guarantees for nearly 70% of its applicants. The SBA is
expected to reopen the PPP on April 27,
2020, at which time SVB will continue the review and
submission process for as many of the applications as possible that
were previously received. SVB is reviewing other government
programs for client eligibility.
In the UK, SVB is in the process of applying to become an
accredited lender under the Coronavirus Business Interruption Loan
Scheme (CBILS).
Startup and Small Business Resources
SVB is supporting emergency small business grants through Hello
Alice's Business for All initiative. Hello Alice provides
grants and guidance to small, women- and minority-owned businesses
and hosts a free COVID-19 Business Resource Center to link
these businesses to relief programs, funding opportunities, mentors
and other support programs designed for New Majority entrepreneurs.
To learn more and apply for emergency grants, go to
https://www.covid19businesscenter.com/.
Community Support
SVB is targeting philanthropic efforts in three primary areas:
health, food security and shelter, and small business relief. The
bank has committed $5.5 million to
COVID-19 charitable relief initiatives across the eight countries
and 15 US states where the bank operates. This includes corporate
contributions to global, national and regional charities, direct
community-based giving and a 3:1 match for employees' donations to
relevant causes. Today, SVB is announcing that it will contribute
net PPP loan origination fees it receives from the SBA to COVID-19
relief efforts.
The COVID-19 Global Impact & Innovation Fund, launched
in partnership with Founders Pledge on March
30, was established to identify and consolidate into a
single fund high-impact organizations that are creating solutions
to the pandemic crisis. SVB made an initial $1 million investment in the fund, which is
accepting contributions from the public. The fund is now focused on
activities to help slow COVID-19's spread and provide immediate
relief to those affected. Looking ahead, it will target initiatives
to better prepare for future pandemics. Read more about the fund
and its goals at https://www.founderspledge.com/svb-covid-19.
Supporting Our Employees
SVB is supporting employees and their families with health,
well-being and financial support programs. COVID-19 medical
testing and treatment are provided with no member-out-of-pocket
costs for US-based employees under SVB insurance plans. Expanded
benefits include paid time off for COVID-related sick leave or
family care, access to free and subsidized child care, mental
health and financial counseling services, educational opportunities
for employees and their children, employee mortgage payment
deferral, expanded 401(k) loans or distributions, grants for
personal charitable donations and payments for some work-from-home
expenses, including utilities and remote office set-up.
For updates on SVB's COVID-19 Response & Community Support
efforts, go to https://www.svb.com/covid-relief.
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).
View original content to download
multimedia:http://www.prnewswire.com/news-releases/silicon-valley-bank-expands-covid-19-response--community-support-301047359.html
SOURCE Silicon Valley Bank