Silicon Valley Bank Failed - what does this mean for your small business?

If you've been watching any business news recently, you've probably heard of the trouble that Silicon Valley Bank (SVB), Signature Bank, and Credit Suisse are in. SVB and Signature bank were the 2nd and 3rd largest banks to collapse in US history. This scary news has a lot of small businesses and individuals worried about their cash, even if they didn't have any money in SVB or Signature Bank. They want to know "is my money safe?" This video explains what you need to know to ensure that your cash would be safe in the event of a bank collapse, what NOT to do right now, and what might happen if YOUR bank actually failed. Learn more about FDIC insurance here: https://youtu.be/i27z3VluaUo FDIC insurance covers the first $250,000 of your bank deposits PER CATEGORY PER INSTITUTION. Make sure you watch our next video about calculating your coverage and any at-risk amounts. Keeping bank deposits safe is something we discuss with our CFO clients at Clara CFO Group. We provide proactive CFO services for businesses between $500,000 - $20,000,000 in annual revenue. If your business is growing and looking for help, we'd love to help! Learn more at https://www.claracfo.com/ ________________________________________________________________________ To learn more about CFO services for B2B services providers making over $1M in annual revenue, go to: https://claracfo.com/services Here are some of the tools I trust and recommend to help you manage your business finances more effectively. These are affiliate links, which means I may earn a small commission if you use them—at no extra cost to you. Thank you for supporting the Clara CFO channel! 🔢 QuickBooks Online – 30% Off for 12 Months plus 30-day Free Trial https://claracfo.com/QBO Get organized with the most popular small business accounting software. 🏦 Relay Bank – Get a $100 Bonus https://www.claracfo.com/relay Modern banking designed for business owners. Sign up and deposit $100 to claim your bonus. 👥 Gusto Payroll – Earn $100 https://claracfo.com/gusto Run payroll and receive a $100 reward—perfect for growing teams. 💰 Monarch Money – Extended 30-Day Free Trial https://claracfo.com/monarch Smart personal finance software for entrepreneurs and families. 📊 RC Reports – Get $50 Off a Compensation Report https://claracfo.com/RCReports Ensure your S-Corp salary is IRS-compliant with a professional comp report. Hannah Smolinski is a #CPA and the Founder of Clara CFO Group. Find out more about Clara CFO Group at https://claracfo.com/ Disclaimer: This video is intended for educational purposes and should not be taken as legal or tax advice. You should consult with your financial professionals about your unique financial situation before acting on anything discussed in these videos. Clara CFO Group, LLC is providing educational content to help small business owners become more aware of certain issues and topics, but we cannot give blanket advice to a broad audience. Code: HXYFST29YYGEEPWH, E88QQZMXMKNMI9I0