Demise of Silicon Valley Bank has rattled not just businesses and investors but the ecosystem that grew up around it
Mercy Housing, one of the largest affordable housing non-profits in the country, was in the middle of securing a loan from SVB for a housing development in the heart of San Francisco that would offer 112 homes, an effort that has “now been delayed” as the group seeks out alternative financing options, Kate Peterson, the senior vice-president of communications at Mercy Housing, told the Guardian in a statement. She added the organization was “confident” the project would still move ahead.
As they do for tech startups, regional banks with industry expertise play an important role for non-profits, Wiener added. In the 90s, when he was on the board of the LGBT Community Center – a San Francisco non-profit organization serving the local lesbian, gay, bisexual, transgender, and queer community – “none of the big banks would even talk to us because we were just some small non-profit”. Regional banks, on the other hand, gave them a chance.
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