It’s not very nice.
From the halting of First Republic Bank shares to the predicted long term effects for the Federal Reserve, the fallout of the bank has caused difficult issues on a major scale.
That said, one point of focus that has fallen under the radar for some is how the SVB crash has affected small business owners and everyday workers alike, many of them far out of the tech circle that SVB was thought to primarily service.
One of them is Jessica, the owner of leather goods small business Bramble and Beene, which is run through Etsy (ETSY) – Get Free Report. She posted a story on TikTok saying she was informed on March 12 that her paycheck would not be deposited due to an issue with SVB, explaining that she is a single parent and her Etsy business is her primary source of income.
View the original article to see embedded media.
Lindsey Michaelides, founder and CEO of small business Strongsuit, tweeted a thread on March 11 about how SVB’s collapse put “the future of her company, team, and family at risk.” Michaelides attempted to wire the money in her SVB account out on Thursday when she heard the news, but so far has not been able to access it.
Dona Sarkar, founder of inclusive fashion brand Prima Dona Studios, is in a similar situation.
While many see the situation as sad for small business owners, many who identify as conservatives have no sympathy for their situation whatsoever.