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 in the process of applying to become an accredited lender under the Coronavirus Business Interruptions Loan Scheme (CBILS) and we’ll have more information about this in the coming weeks.
SVB is undertaking similar activities in other markets including the Paycheck Protection Program (PPP) in the US.
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/.