Around 1,200 founders and CEOs linked to incubator Y Combinator (YC) have submitted a petition to US treasury Secretary Janet Yellen and Federal Deposit Insurance Corporation Chairman Martin J Gruenberg and other officials to save small enterprises and startups from the adverse impact of the Silicon Valley Bank (SVB) collapse. The petition says that one-third of Y Combinator startups have their sole bank account with SVB. Furthermore, SVB has over 37,000 small businesses as depositors, with over US$250,000 in deposits. As such, these small businesses will be unable to pay salaries, and the SVB shutdown may adversely impact more than 10,000 small businesses and startups.
