Etsy said it will have to delay payments to its sellers after the Silicon Valley Bank collapse, but its words are of little comfort to those in need.
"As you may have seen, we recently experienced a delay in our ability to issue payments to some of our sellers,"Silicon Valley Bank seized by regulators"I'm feeling helpless and unmoored," she told FOX Television Stations. "So unsure about my future as an Etsy seller and insecure about what might come next."
Bogausch started selling on Etsy in 2020 after she lost her job due to the COVID-19 pandemic. Most of her products feature handmade soy candles, which she learned how to make from her late grandmother. The funds she receives as an Etsy seller goes to buying more ingredients needed to make her products. The Federal Reserve, the FDIC and the U.S. Treasury Department wrapped Signature Bank into the backstop emergency plan to stabilize Silicon Valley Bank and its depositors. The bank will close.
"We are committed to helping you run your business -- and providing a reliable experience is a critical part of that commitment," the company added.
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