A small business owner with all of her money in SVB says the company was 'jerked around' by the 'failures of the American banking system'
Vanessa Pham was showing off her lemongrass BBQ sauce and yuzu miso glaze at the annual conference Expo West last Thursday when she first heard about Silicon Valley Bank's struggles.
On Friday morning, Pham tried to wire the company's money out of SVB, but it was unsuccessful. That afternoon,Immediately, the sisters went into"problem-solving mode," Pham said, with Kim using her previous experience in VC to tap the company's investors for help. Pham's background in consulting helped her plan for the various outcomes that could occur depending on how much access they'd have to their funds.
They asked customers to stock up on Omsom products, buy gift cards, and share Omsom's post. The Instagram post has over 15,000 likes, and Pham said the two posts, together, garnered over half a million impressions. Pham said it's a common misconception that SVB's collapse only posed a threat to larger institutions — like wealthy VC firms or massive startups. It's often"the smallest, most marginalized groups who feel the impact the heaviest," she said, like Omsom, which is a seed-stage company.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Silicon Valley Bank’s parent company files for bankruptcy protectionSVB Securities and SVB Capital were not included in the filing by SVB Financial Group.
Read more »
SVB collapse: SVB Financial Group files for Chapter 11 bankruptcySVB Financial Group announced it was filing for Chapter 11 bankruptcy to reorganize under court supervision. SVB Securities and SVB Capital's funds and general partner entities will not be included in the Chapter 11 bankruptcy.
Read more »
SVB's Parent Company Declares Bankruptcy While Tech Investors Return to the Failed BankSVB Financial Group no longer owns Silicon Valley Bank, but tech financiers are already looking to reinvest in SVB despite the bank run they caused.
Read more »
SVB execs sold millions of their company stock in lead up to collapse, federal disclosures showJUST IN: Top executives at Silicon Valley Bank sold stock totaling several million dollars less than two weeks before the company became the largest bank failure since the 2008 financial crisis, according to federal disclosures obtained by ABC News.
Read more »
Parent of Silicon Valley Bank seeks bankruptcy protectionSVB Financial Group is filing for Chapter 11 bankruptcy protection. SVB Financial Group is no longer affiliated with Silicon Valley Bank or the bank's private banking and wealth management business, SVB Private. SVB Financial Group ran Silicon Valley Bank up until it was seized last Friday.
Read more »
Europe's corporate treasurers on alert over SVB falloutEuropean corporate treasurers were on alert on Thursday, with a German industry association warning against complacency and major companies saying they were closely monitoring developments in the global banking system.
Read more »