California wine industry faces financial crisis - with majority of vineyards locked out of their accounts amid SVB collapse
California wine industry faces crisis following the closure of Silicon Valley Bank the primary financial institution for wineries in the region for nearly 30 years
A new bank, the National Bank of Santa Clara, has been created but it will only insure accounts up to $250,000
Impacts on wineries are significant, including the inability to make payroll, pay bills, process credit card payments, and continue with development projects
By James Gordon For Dailymail.com
Published: 00:43 EDT, 11 March 2023 | Updated: 18:55 EDT, 11 March 2023
California's wine industry is on the brink of a financial crisis following the collapse of Silicon Valley Bank.
The bank had been the main financial institution for bank for wineries in the Golden State for almost three decades.
The California Department of Financial Protection and Innovation closed the bank on Friday following a run by venture capital customers.
On Friday night, thousands of wineries found that they were completely locked out of their accounts with no clear timeline as to when they might be able to access their funds.
Kendra Kawala, co-founder of Maker, a canned wine company located in the Bay Area, called the news 'jarring' noting how Silicon Valley Bank was 'the gold standard within the wine industry.'
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https://www.dailymail.co.uk/news/article-11847169/California-wine-industry-faces-financial-crisis-majority-vineyards-locked-accounts.html
