Murphy unveils plan to support N.J. companies hurt by collapse of Silicon Valley Bank

  • 📰 njdotcom
  • ⏱ Reading Time:
  • 31 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 16%
  • Publisher: 63%

United States News News

United States United States Latest News,United States United States Headlines

The surprise collapse of Silicon Valley Bank last week marked the second-largest bank failure in U.S. history.

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.”

Get politics news like this right to your inbox with the N.J. Politics newsletter. Add your email below and hit"subscribe"If you purchase a product or register for an account through one of the links on our site, we may receive compensation.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

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!!!

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 282. in US

United States United States Latest News, United States United States Headlines