says the state will provide emergency assistance to New Jersey companies affected by the collapse of Silicon Valley Bank, a California-based financial institution that last week became the second-largest bank failure in U.S. history.
Hundreds of New Jersey-based companies were facing a cash crunch after the bank’s failure, according to Tim Sullivan, Chief Executive Officer of the state’s Economic Development Authority. “We did some aggressive outreach over the weekend,” Sullivan told NJ Advance Media, adding that these businesses were facing “a real, immediate crisis.”
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Murphy sucks
How much will this cost the tax payers?
There are lending agreements and revolving lines of credit issued by SVB that are necessary parts of many companies working capital structures.
If only billions weren't being sent overseas
Where’s all this money coming from? And if we have this money, why are the schools a mess?
Why don’t you first make sure you don’t cut the funding of school districts?
At the expense of the company employees. All ready law firms are telling their staff they won't be getting a raise and those who had five weeks of paid vacation now have for weeks of paid vacation. Scum bags they took one paid week already.
If all the deposits are being made whole by the federal govt what more support do these businesses need?
wish he would just go back to Goldman Sachs and leave NJ alone!!!