{"id":16382,"date":"2023-03-16T13:44:32","date_gmt":"2023-03-16T13:44:32","guid":{"rendered":"https:\/\/ambassadornews.org\/?p=16382"},"modified":"2023-03-16T13:44:35","modified_gmt":"2023-03-16T13:44:35","slug":"why-some-in-canadas-tech-industry-are-feeling-jittery-after-silicon-valley-banks-collapse%ef%bf%bc%ef%bf%bc","status":"publish","type":"post","link":"https:\/\/ambassadornews.org\/en\/why-some-in-canadas-tech-industry-are-feeling-jittery-after-silicon-valley-banks-collapse%ef%bf%bc%ef%bf%bc\/","title":{"rendered":"Why some in Canada\u2019s tech industry are feeling jittery after Silicon Valley Bank\u2019s collapse\ufffc\ufffc"},"content":{"rendered":"\n

Tech exec feels relief after transferring money from SVB to one of Canada’s big banks<\/p>\n\n\n\n

The failure of Silicon Valley Bank on Friday had Canadian tech companies working to quickly withdraw their assets from the crumbling institution<\/p>\n\n\n\n

The California-based bank’s collapse marked the second-largest bank failure in U.S. history, with collateral effects rippling across the tech and banking sectors through the weekend and into this week as U.S. and Canadian regulators scrambled to minimize the damage<\/p>\n\n\n\n

You’re sitting there hitting refresh throughout the afternoon to see if the money has hit your other bank accounts. And then when it finally does, that’s a big weight off your shoulders<\/q>\u00a0said Kris Hartvigsen, the CEO of Vancouver-based tech startup Dooly, which held its U.S. accounts with SVB<\/p>\n\n\n\n

The financial institution held over $200 billion US in assets. It was the preferred banking partner of many Canadian tech startups, due to its nimbleness and because its ubiquitous use across the sector made transfers between companies and their clients easier to process, according to Hartvigsen<\/p>\n\n\n\n

While Dooly’s cash was successfully transferred to the Royal Bank of Canada \u2014\u00a0I feel relief for my business, I feel relief for my investors, I feel relief for my customers<\/q>\u00a0Hartvigsen said \u2014 SVB’s collapse has shaken Canada’s startup ecosystem<\/p>\n\n\n\n

As the Canadian government and its big banks give reassurances that the impact of SVB’s crash will be minimal,\u00a0some in the startup community are concerned that the incident will chill tech investment, with lenders playing it safe after this latest setback<\/p>\n\n\n\n

Lending with caution<\/h2>\n\n\n\n

Chris Albinson, the CEO and president of incubator Communitech in Waterloo, Ont., said that 16 of the companies his firm works with couldn’t pay their employees immediately after SVB’s collapse, with the majority of their financing coming from south of the border<\/p>\n\n\n\n

Our company’s ability to make payroll, to keep the lights on, are really highly intertwined with both the financings and the banking system in the U.S<\/q>\u00a0the exec told CBC News<\/p>\n\n\n\n

U.S. bank failures leave Canada\u2019s tech sector shaken<\/h5>\n\n\n\n

The bank failures in the U.S. have sent shockwaves north, rattling the Canadian tech sector. Depositors have rushed to get their money out, but there’s a broader fear it will chill investment<\/p>\n\n\n\n

North American banking regulators have stepped in to mitigate the effects of the crisis. Canada’s top banking regulator seized control of SVB’s Canadian branch on Wednesday after temporarily taking possession of its assets on Sunday<\/p>\n\n\n\n

On Monday, the U.S.\u00a0Federal Deposit Insurance Corporation, or FDIC,\u00a0transferred<\/a>\u00a0all of the bank’s deposits \u2014 including those that weren’t insured \u2014 to a\u00a0bridge bank<\/q>\u00a0that will take over SBV’s operations until a suitable buyer comes along. A startlingly high 94 per cent of SBV’s assets were\u00a0uninsured<\/a>\u00a0at the time of the collapse because they exceeded the FDIC’s insurance cap of $250,000 US<\/p>\n\n\n\n

Let’s say the bank that you’re using every day went bankrupt. You know, the first thing would be, can I get access to my cash to be able to go buy groceries? Looks like that problem is kind of solved<\/q>\u00a0Albinson said<\/p>\n\n\n\n

But what if you couldn’t use or pay your credit card, and who do you talk to about refinancing your mortgage if there’s nobody on the other line? That’s the situation that many Canadian companies now find themselves in, according to Albinson, without SVB\u00a0as a lender<\/p>\n\n\n\n

What I’m thinking about is the longer term, what does the disappearance of [nearly $900 million]\u00a0of available credit for entrepreneurs mean to Canada<\/q>\u00a0said Kim Furlong, CEO of the Canadian Venture Capital and Private Equity Association<\/p>\n\n\n\n

The Canadian branch of SVB\u00a0had about\u00a0$864 million worth<\/a>\u00a0of business loans on its books<\/p>\n\n\n\n

That branch played an important role in the financial growth of the Canadian tech sector \u2014 the world’s second-largest technology hub \u2014 having\u00a0competed against<\/a>\u00a0other major banks and lenders in sustaining the country’s startups<\/p>\n\n\n\n

Gov reassures, but not all are convinced<\/h2>\n\n\n\n
\"Customers
Customers wait in line outside a branch of the Silicon Valley Bank in Wellesley, Mass., on March 13. The global tech sector took a bruising in 2022, with Canadian companies caught in the crossfire of mass layoffs and investors now pushing for downsizing and efficiency over growth.PHOTO: (BRIAN SNYDER\/REUTERS)<\/figcaption><\/figure>\n\n\n\n

Finance minister Chrystia Freeland said that Canada’s banking system is sound and resilient, while innovation minister Francois-Philippe Champagne echoed the sentimentThe message is that our banks are very resilient, and Canadians should feel confident<\/q>\u00a0Champagne said<\/p>\n\n\n\n

I don’t know what impact this will have on the Canadian economy<\/q>\u00a0said Barry Schwartz, chief investment officer at Baskin Wealth Management in Toronto<\/p>\n\n\n\n

All I know is what’s going on right now is banks are going to be more cautious probably about lending. And this could cause some short-term tightening of bank lending standards that could spill over into Canada that could slow the economy down<\/q>\u00a0he said\u00a0<\/p>\n\n\n\n

The rate of financing and investing in startups had already slowed considerably before SVB’s collapse, said Albinson<\/p>\n\n\n\n

There was already a liquidity crunch in the ecosystem. So that’s directly correlated to the layoffs that have happened, and I just think this will accelerate that, unfortunately<\/q>\u00a0he added<\/p>\n\n\n\n

The global tech sector took a bruising in 2022, with Canadian companies caught in the crossfire of mass layoffs and investors now pushing for downsizing and efficiency over growth. In the current atmosphere, lenders may be increasingly cautious about financing young startups, compared with non-traditional banks like SVB<\/p>\n\n\n\n

Some will naturally wonder which other banks are at riskafter that one that you thought was really safe went bankrupt<\/q>\u00a0added Albinson<\/p>\n\n\n\n

We’re really still seeing that dynamic in the market right now. And that’s effectively stopped investment<\/q>\u00a0he saidAnd so we’re very concerned that the whole ecosystem is at some meaningful risk and less liquidity is put into the market quickly<\/q><\/p>\n\n\n\n

Jenna Benchetrit<\/a>\u00b7\u00a0CBC News<\/p>\n","protected":false},"excerpt":{"rendered":"

Tech exec feels relief after transferring money from SVB to one of Canada’s big banks The failure of Silicon Valley Bank on Friday had Canadian tech companies working to quickly withdraw their assets from the crumbling institution The California-based bank’s collapse marked the second-largest bank failure in U.S. history, with collateral effects rippling across the 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