Silicon Valley Bank’s Failure Threatens California Winemakers
- Date: 12-Mar-2023
- Source: The Wall Street Journal
- Sector:Financial Services
- Country:Saudi Arabia
Silicon Valley Bank’s Failure Threatens California Winemakers
Silicon Valley Bank rode the growth of California’s wine business.Photo: George Rose/Getty Images
By
Amrith RamkumarUpdated March 12, 2023 1:16 pm ETCalifornia’s wine industry is facing a potential short-term cash crunch and long-term loss of funding from the collapse of Silicon Valley Bank, which was a significant lender to vineyards and winemakers.
Hundreds of wine producers borrowed from the bank and deposited their cash there, including some small, midsize and privately held businesses that are trying to make payroll or loan payments.
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