Last week's sudden collapse of Silicon Valley Bank (SVB) could choke funding for Canada's technology start-ups and place them in the hands of domestic lenders who may be more selective in financing new ventures, financiers told Reuters.
were the most likely to pick up both SVB's current book, and future clients in Canada, John Ruffolo, Managing Partner Maverix Private Equity, a Toronto-based PE firm said.A spokesperson for RBC declined to comment while CIBC and BMO did not respond to requests for comment.
"I think Canadian banks will continue to lend to earlier stage technology companies but without Silicon Valley Bank as a lender, I think they can afford to be much more selective in who they lend to and potentially increase the price at which they lend." Benjamin Bergen, president at Council of Canadian Innovators, a lobby group for Canadian technology companies, agreed.
"And with this, really what we're hearing from the ecosystem is, you know, it is going to make it even more difficult, so that's really what we're monitoring."
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