Accelerator Y Combinator<\/a>, which has backed more than 200 startups in India, has submitted a petition to US Treasury secretary Janet Yellen, seeking relief and attention over the collapse of Silicon Valley Bank<\/a> (SVB), which has led to deposits of hundreds of startups banking with the California-based lender getting frozen.

The petition, written by Y Combinator president Garry Tan, has been signed by over 3,500 CEOs and founders. The signatories include almost two dozen startups with a base in India.

ET reported on March 12 that at least 60 Y Combinator-backed startups in India had more than $250,000 each in their bank accounts with SVB. Investors have been advising their impacted portfolio startups to immediately open new bank accounts and divert customer payments to these alternate accounts to maintain cash flow.

In the petition, Tan urged the US government that small business depositors at SVB should be made whole, and regulators should conduct a backstop of depositors<\/a>.

According to a Bloomberg report, the US Federal Reserve and the Federal Deposit Insurance Corporation (FDIC) are considering creation of a new fund to allow regulators to backstop more deposits at banks that run into trouble following SVB’s collapse.

“We are not asking for a bank bailout,” Tan wrote in the petition. “We ask for relief and attention to an immediate critical impact on small businesses, startups, and their employees who are depositors at the bank.”

In the Y Combinator community, one-third of startups with exposure to SVB used it as their sole bank account, he said. “As a result, they will fail to have the cash to run payroll in the next 30 days. By that measure, we can estimate that payroll-related furlough or shutdown will impact more than 10,000 small businesses and startups,” Tan said, adding that if the average small business or startup employs 10 workers, this will have an immediate effect of furlough, layoff, or shutdown, affecting over 100,000 jobs.

“Silicon Valley Bank’s failure has a real risk of systemic contagion. Its collapse has already instilled fear among founders and management teams to look for safer havens for their remaining cash, which can trigger a bank run on every other smaller bank,” Tan wrote.

The petition also urged the US Congress to work on restoring stronger regulatory oversight and capital requirements for regional banks, and that “any malfeasance or mismanagement on the part of SVB executives leading to this failure should be investigated”.
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SVB危机将在红不止一个十万的工作:Y Combinator请愿美国财政部

请愿书,由Y Combinator主席加里,签署了超过3500的首席执行官和创始人。签署者还包括在印度几乎24个创业基地。

ETtech

更新2023年3月13日07:28点坚持

加速器Y Combinator,支持超过200个创业公司在印度,美国财政部长已经提交了一份请愿书叶伦,寻求救济和注意力的崩溃硅谷银行(SVB),这导致了数以百计的初创公司银行存款与加州银行冻结。

请愿书,由Y Combinator主席加里,签署了超过3500的首席执行官和创始人。签名者包括几乎24个创业基地在印度。

等3月12日报道,至少60 Y Combinator-backed初创公司在印度有超过250000美元的银行账户SVB。投资者一直建议他们影响投资组合公司立即开放新银行账户和转移客户支付这些替代账户维持现金流。

请愿书,谭敦促美国政府小企业储户在SVB应整体,和监管机构应该进行支撑的储户。

据彭博社报道,美国联邦储备理事会(美联储,fed)和美国联邦存款保险公司(FDIC)正在考虑建立一个新的基金,允许监管机构支持更多的存款在银行陷入困境后SVB的崩溃。

“我们并不是要求银行救助,”Tan在请愿书中写道。“我们寻求救济和注意立即对小企业的影响至关重要,创业公司和他们的员工是储户在银行。”

在Y Combinator社区,三分之一的创业公司与接触SVB用它作为他们的唯一的银行账户,他说。”因此,他们将无法运行有现金工资在未来30天。通过测量,我们可以估计来电情况休假或关闭将会影响超过10000小型企业和初创企业,”Tan补充说,如果平均小型企业或公司雇佣了10名员工,这将直接影响休假,裁员,或关闭,影响了100000多万个就业岗位。

“硅谷银行的失败有一个真正的系统性危机蔓延的风险。它的崩溃已经灌输恐惧创始人和管理团队寻找安全避风港的剩余现金,可以引发银行运行在其他小银行,”Tan写道。

请愿书还敦促美国国会恢复工作加强监管和地区性银行的资本要求,而“任何渎职或管理不善的SVB高管导致这次失败应该调查”。