![]() ![]() “All these folks that have very special circumstances based on their identity, it’s not something that they can just change about themselves and that makes them unbankable by the top four (large banks),” said Asya Bradley, a board member of numerous startups who has watched the WhatsApp group grapple with SVB’s demise.īradley said some investors have implored startups to switch to larger financial institutions to stymie future financial risks, but that’s not an easy transition. But smaller players have fewer means of surviving a collapse, reflecting the perilous journey minority entrepreneurs face while attempting to navigate industries historically rife with racism. SVB had opened its doors to such entrepreneurs, offering opportunities to form crucial relationships in the technology and financial communities that had been out of reach within larger financial institutions. While Wall Street struggles to contain the banking crisis after the swift demise of SVB - the nation’s 16th largest bank and the biggest to fail since the 2008 financial meltdown - industry experts predict it could become even harder for people of color to secure funding or a financial home supporting their startups. ![]()
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