COVID-19 Response & Community Support
SVB Global Debt Relief
SVB's first relief initiative is providing certain venture debt borrowers with loans of $10 million or less (or local currency equivalent) an opportunity to defer their principal payments for a period of six months. Clients that qualify for this program were notified directly. This SVB program is expected to reach up to $600 million in aggregate payment relief across our global client base. Additional relief programs and initiatives that are in development for SVB clients will be communicated directly to applicable clients.
Government Debt Relief
SVB is an accredited lender under the Coronavirus Business Interruption Loan Scheme (CBILS) as well as the Coronavirus Large Business Interruption Loan Scheme (CLBILS).*
The CBILS programme will continue to run until the end of the year and we'll be accepting applications up to 11:59pm BST on 6 November 2020.
We continue to accept CLBILS applications until 11:59pm on 20 October 2020.
We remain open for business for innovation companies and investors of all sizes and are dedicated to continuing to support our ecosystem.
SVB is undertaking similar activities in other markets including the Paycheck Protection Program (PPP) in the US.
Product and Service Support
Additional interest on Corporate Deposit Accounts
Lower threshold to qualify for higher interest rates
Increased interest rates on shorter Term Deposits
Reduced costs on unarranged overdrafts
No fees for account maintenance
New discounts and offers through partners
SVB has committed $5.5 million to support local, regional and global activities focused on three areas: health security, food security and shelter, and small business owner relief. The COVID-19 Global Impact & Innovation Fund, in partnership with Founders Pledge, was established to help stop the spread of the virus, support a robust medical response and mitigate the social cost by providing relief to affected families. SVB is making an initial $1 million investment to fund this critical work, and we invite you to join us. Donate here
In the UK, we’re sponsoring Meals for the NHS, a not-for-profit organisation that delivers meals directly to front line NHS staff working in COVID-19 Wards during the evenings when canteens are closed. This keeps nurses and doctors energised and well-fed whilst they go about saving lives. In under 4 weeks, they have served +80,000 meals across 75 hospitals in 21 towns and cities across the UK - all powered through startup technology tools. For every £10,000 they raise, they can feed one hospital for 1 month. You can help support them by visiting mealsforthenhs.com.
We continue to support our main Access to Innovation partner, Career Ready, a not-for-profit organisation focused on helping young people from disadvantaged backgrounds fulfil their potential through experience and understanding of the working world. For more information visit https://careerready.org.uk/.
*Lending for both the Coronavirus Business Interruption Loan Scheme and Coronavirus Large Business Interruption Loan Scheme is subject to a satisfactory credit assessment and we will need your permission to carry out a credit check on you and your business. You should not apply for an amount that you cannot comfortably afford to repay now and in the future to avoid the possibility of legal action.
The government will guarantee loans under the CBILS and CLBILS programmes but the guarantee applies to the lender and not to borrowers, so you’ll be responsible for repaying 100% of the loan.