Note: this document was last updated on Sunday, March 12th, 2023. While most information below is no longer pertinent in light of the Fed’s announcement on Sunday evening, we are keeping this document as an archive of how we responded to SVB’s collapse and the lessons we learned.

At Van Wickle Ventures, we are committed to supporting our founders and Brown University’s startup ecosystem no matter what—including in a situation like the one we are currently in. In the next few days, we will be reaching out to our advisors to compile advice on best practices moving forward and updating this document with new information as they come. While we are not experts on the topic and this situation continues to be a dynamic one, we hope that the following information can be useful.

Table of Contents

Immediate Action Items

Even if you weren’t impacted by the recent SVB situation, all VCs and founders should keep communication channels active and send messages to investors and employees.

Founders should share with VCs

VCs should share with LPs

What you shouldn’t do: say nothing. Your investors, employees, and stakeholders are all worried, so this is the time for you to take action and show leadership in a tough situation.

If you have funds at SVB

As you probably know, the FDIC has said in a press release that it will be in a position to process insured amounts of $250K by Monday morning. Regulators have also suggested that uninsured dividend payouts could begin as early as next week, but there is no clarity on how much would be available.

Below are some steps to take immediately post the SVB situation.

File a FDIC claim

If you had under $250,000 in funds held at SVB, these funds should be available by Monday (March 13th) for removal to another corporate bank account. Make sure to seek counsel from advisors before removing any funds to a personal account. It is recommended to file claims by Monday (March 13th) at the latest.

If you had more than $250,000 held in SVB, call the FDIC at 1-866-799-0959 as well to let them know of your claims.

File a claim here:

FDIC: Deposit Claims & Asset Sales

Read more about filing a claim here.