RESEARCH TRIANGLE PARK – Silicon Valley Bank, once a primary source of funding for startups and loans to the venture capital industry, is making loans again in that sector following its acquisition by Raleigh-based First Citizens Bank.
That’s according to the Wall Street Journal in its WSJ “Pro” coverage.
In an WSJ newsletter, SVB’s pace of lending is not good for the startup and venture sector.
“The economy and the fundraising environment are headwinds on loan origination,” said Marc Cadieux, a 30-year-veteran of SVB who was named president of its commercial banking division in June. “Fewer companies are able to clear that key underwriting bar—do you still have the support of venture investors behind you,” he said.
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First Citizens acquired SVB in March after it had been seized by federal regulators.
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