In these extraordinary times, Silicon Valley Bank is doing some things differently. But what’s unchanged, as the world fights COVID-19, is our more than 35-year commitment to support our clients, our employees, our business partners and our partners in philanthropy. We are helping our clients adapt to rapid change and we are emphasizing our values to guide SVB COVID-19 charitable activities. We strive to be helpful, relevant and timely and fortify innovation as our north star.
At the outset of the pandemic, we laid out a multipronged philanthropic strategy that builds on our relationships with trusted partners, recognizes that the immense needs would quickly scale, and leverages the power and engagement of our extensive network in centers of innovation across the globe.
SVB is targeting philanthropic efforts in three primary areas: health, shelter and food security, and small business relief. The bank has committed $5.5 million to COVID-19 charitable relief initiatives across the nine countries and 15 US states where the bank operates. This includes corporate contributions to global, national and regional charities, direct community-based giving and tripling our match for employees’ donations to relevant causes where they are located. In addition, SVB announced that it will contribute net Paycheck Protection Program loan origination fees it receives from the Small Business Administration to relief efforts.
Our philanthropic efforts are immensely rewarding, and we are only getting started. Thanks to our strong partners, including Pledge 1%, exceptional SVB global team and our proven leadership in the innovation sector, we are aiming to invest and contribute where the need is most acute.
Engaging Community and Global Support
The COVID-19-related donations, which are being augmented by a 3:1 employee match, are directed by our regional office leaders to address the most urgent local needs. For example, SVB contributions have gone to purchase personal protective equipment for healthcare workers, resupply food banks and provide short term help for low-income families. The SVB Foundation is partnering with employees who volunteer at non-profit organizations to support those groups most impacted by the pandemic at an accelerated pace.
SVB, in partnership with Founders Pledge, developed the COVID-19 Global Impact & Innovation Fund, which we seeded with a $1 million contribution. Our goal is to identify and consolidate into a single fund several high-impact organizations that are focused on activities to help slow COVID-19’s spread, provide immediate relief to those affected and get better prepared for future pandemics. The fund is accepting contributions from the general public.
Access to Innovation
SVB’s Access to Innovation initiative is launching a monthly virtual series for emerging professionals to help them establish a network and get career coaching. These sessions are designed to address technical skills and provide vital career and networking guidance for young professionals who may not have had an opportunity or thought to consider a career in the innovation economy. The initial late April session attracted 76 young professionals and partners who got a first-hand lesson from an SVB banker of why developing data analytics skills is key for job readiness.
Startup and Small Business Resources
SVB is supporting emergency small business grants of $10,000 through Hello Alice’s Business for All initiative. It hosts a free COVID-19 Business Resource Center that is focused on linking women- and minority-owned businesses to relief programs, funding opportunities, mentors and other support programs at local and national levels.
Join Us
SVB has thrived for more than three decades by leading with our values. None of us can know what the future will hold but we are committed to preparing in order to help our clients, employees and communities manage through this difficult time. Together, we are stronger. To learn more, please visit SVB COVID-19 Response & Community Support here.
