Silicon Valley Bank’s failure has San Antonio tech companies scrambling for cash

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Local companies are trying to get their money out of the bank to make payroll and meet payments due to suppliers and for rent.

The failure of Silicon Valley Bank has some San Antonio tech companies scrambling for cash.

Silicon Valley Bank has served many venture capital-backed startups in San Antonio’s growing tech industry. A number of CEOs reached Monday compared its trustworthy reputation to that ofSo its crash sent shock waves through the tech industry as companies worried about access to their money, meeting payroll and other obligations. Those were questions local firms were grappling with as they became aware of the situation.

As of Monday morning, Plus One was “unwinding” its position” at Silicon Valley Bank, Pixton said. The company has been reaching out to other banks for short-term loans and asked customers to pay them sooner to gather those funds and redistribute them.

 

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