The government’s move to protect uninsured deposits at Silicon Valley Bank was a relief for many company founders, but the bank’s demise likely will leave a trail of challenges for startups, including making cash to fund growth a little harder to come by.
“The most important thing is it seems like payroll is going to hit on time, but there are still plenty of things to be concerned about,” said Healy Jones, vice president of financial strategy at startup-focused accounting firm Kruze Consulting, which counts nearly 800 venture-backed startups as clients.
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