BOSTON / NEW YORK : For years Silicon Valley Bank was a lender of choice for climate technology startups keen to tap specialised support for early-stage companies. Post its collapse, they may face higher finance costs wherever they next choose to bank.The meltdown of the 40-year-old lender triggered days
BOSTON / NEW YORK : For years Silicon Valley Bank was a lender of choice for climate technology startups keen to tap specialised support for early-stage companies. Post its collapse, they may face higher finance costs wherever they next choose to bank.
A number of startup executives and their VC backers, including Michael Sonnenfeldt, Chairman of MUUS Climate Partners, said the bank's collapse could lead to more difficult borrowing terms for their young industry. "Very near-term, people are probably shaken... I'm not worried about climate tech as a whole. Fundamentally this is a transition that's only going one way," she said.
Mona Dajani, partner at law firm Shearman and Sterling, said most of her clean energy clients either banked with SVB or faced some other impact from its troubles. SVB"cultivated a reputation as being very friendly to clean energy... they were willing to underwrite more risk," she said.
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