Silicon Valley Bank’s collapse rattled the technology industry that had been the bank’s backbone, leaving shell-shocked entrepreneurs thankful for the government reprieve that saved their money while they mourned the loss of a place that served as a chummy club of innovation.
“They were the gold standard, it almost seemed weird if you were in tech and didn’t have a Silicon Valley Bank account,” Stefan Kalb, CEO of Seattle startup Shelf Engine, said during an interview as he started the process of transferring millions of dollars to other banks.
The Biden administration’s move guaranteeing all Silicon Valley Bank’s deposits above the insured limit of $250,000 per
