COVID-19 Response & Community Support
Government Debt Relief
SVB is actively working with industry groups and government leaders where we operate to help design and implement small-business economic relief programs and initiatives to help stabilize the innovation ecosystem and prepare for recovery.
SVB participated in the Paycheck Protection Program under the US CARES Act and received applications from more than 5,500 small businesses and startups. As of April 16th, SVB obtained SBA guarantees for nearly 70% of its applicants. The SBA reopened the PPP on April 27th and SVB continues to review and submit as many of the applications as possible that were previously received. SVB is reviewing other government programs for client eligibility.
Coronavirus Business Interruption Loan Scheme (CBILS)
In the UK, SVB is in the process of applying to become an accredited lender under the Coronavirus Business Interruption Loan Scheme (CBILS).
SVB Relief
SVB continues to engage with clients to understand what they need right now. Our priority in this unprecedented time is to listen to our clients’ needs, be flexible with our solutions and patient in our approach. We will work with clients that need additional support in the same way we always do on an individual basis.
SVB Debt Relief
SVB’s venture debt relief initiative, launched on April 1, has enabled more than 1,000 startups to defer their principal payments on a combined $2.1 billion in funded debt for six months. The Premium Wine Division is enabling a majority of clients to defer principal payments for three or six months, and SVB Private Bank clients are given the option to defer mortgage payments for 90 days.
SVB has committed $5.5 million to support local, regional and global activities focused on three areas: health, food security and shelter, and small business relief. This includes corporate contributions to global, national and regional charities, direct community-based giving and a 3:1 match for SVB employees’ donations to relevant causes. In addition, SVB will contribute net PPP loan origination fees it receives from the SBA to COVID-19 relief efforts.
The COVID-19 Global Impact & Innovation Fund, in partnership with Founders Pledge, was established to identify and consolidate into a single fund high-impact organizations that are creating solutions to the pandemic crisis. The fund is now focused on activities to help slow COVID-19's spread and provide immediate relief to those affected. Looking ahead, it will target initiatives to better prepare for future pandemics. SVB made an initial $1 million investment to fund this critical work, and we invite you to join us. Learn More and Donate Here
As part of our regional effort, SVB offices have supported many health, food security and shelter organizations. In the UK, for example, SVB has partnered with Meals for the NHS, a tech ecosystem initiative to provide much needed meals to frontline hospital staff that are dealing directly with COVID-19. Meals for the NHS is now operating across 75 hospitals in 21 towns and cities across the UK. Learn more at mealsforthenhs.com. In the US, SVB is supporting a similar effort nationwide led by Frontline Foods.
SVB is also supporting emergency and small business grants through our partner Hello Alice's Business for All initiative. Hello Alice provides grants and guidance to small, women-and minority-owned businesses and hosts a free COVID-19 Business Resource Center to link these businesses to relief programs, funding opportunities, mentors and other support programs designed for New Majority entrepreneurs. To learn more and apply for emergency grants, visit www.covid19businesscenter.com/.
- SVB Clients: Your SVB relationship manager or ClientSupport@svb.com in the US and ukclientservice@svb.com in EMEA. View branch information and hours at www.svb.com/locations
- SVB Partners/Vendors: Jon Saul at jsaul@svb.com
- Public Relations: Eileen Nolan (US) at enolan@svb.com and Mat Gazeley (EMEA) at mgazeley@svb.com
- Investor Relations: Meghan O’Leary at moleary@svb.com
