Despite rescue, Seattle startups and banks face SVB blowback

Published by
The Seattle Times

Seventy-two hours after the stunning failure of Silicon Valley Bank, federal action means Seattle-area tech and wine industry companies can have access to millions of dollars frozen in SVB accounts. “People are breathing easier and knowing that at least they can make payroll this week,” said Dave Parker, a Seattle-area founder and board chair for startups at the Washington Technology Industry Association, shortly after SVB operations resumed Monday morning. But Sunday’s federal rescue of SVB depositors hasn’t answered larger questions about who will finance often-risky startups. Nor does it re…

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