The sudden collapse of Silicon Valley Bank sowed panic at hundreds of startups and venture capital firms that banked there and now must seek new ways to pay employees and access funds from their investors and customers.
Founders and VC firms, which also kept billions of dollars worth of assets with SVB, on Friday rushed to figure out whether they could get loans to cover payroll if their funds were still tied up in the bank, which a federal banking regulator took under receivership on Friday.
