![]() "They really understand the wine business," Hirsch said. But she's worried about the broader effects for smaller vintners looking for lines of credit to plant new vines. Hirsch said she expects her business will be fine. "This is a huge disappointment," said winemaker Jasmine Hirsch, the general manager of Hirsch Vineyards in California's Sonoma County. It's been an influential lender to vineyards since the 1990s. The bank's collapse is having an effect on another important California industry: fine wines. The Bank of England said SVB UK's assets would be sold to pay creditors. "We know that there are a large number of startups and investors in the ecosystem who have significant exposure to SVB UK and will be very concerned," Dom Hallas, executive director of Coadec, which represents British startups, said on Twitter. The Bank of England said late Friday that it will put Silicon Valley Bank UK in its insolvency procedure, which will pay out eligible depositors up to 170,000 British pounds ($204,544) for joint accounts "as quickly as possible." business will stop making payments or accepting deposits. Alex Padilla of California tweeted Saturday that "if regulators do not act quickly, the Silicon Valley Bank collapse will have widespread ramifications for small businesses, start-ups, and nonprofits trying to make payroll - as well as on our broader economy."Īcross the Atlantic, startup companies woke up Saturday to find SVB's U.K. Roku told CBS News in a statement that it did not expect the collapse to impact its operations because it has access to "$1.4 billion in cash and cash equivalents" distributed across multiple, large financial institutions." Those funds feed my family and pay my bills."
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