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Account updates & company news

SVB private COVID-19 relief efforts
04/22/20

UPDATED 4/22: At SVB Private, we are pleased to offer guidance and support as we navigate this fluid situation of COVID-19 together. Please reach out to your SVB Private relationship manager should you need assistance with an existing SVB Private loan.

Over the past month, SVB Private has implemented four new lending programs to support our clients:

  • The SBA Paycheck Protection Program to help clients weather this storm,
  • A loan modification program for our corporate and nonprofit clients,
  • A commercial debt reserve program to support our commercial real estate clients, and
  • A mortgage relief program to keep our borrowers securely in their homes.

Through these programs, we are pleased to provide thousands of our clients and community-based organizations with important relief and support.

View Our Commitment to the Community

UPDATED 4/2: At SVB Private, the emotional, physical and financial health of our clients and employees is our top concern. We are responding to the COVID-19 situation, taking every precaution to keep our community safe and continuing to serve our clients’ evolving needs with the high level of service for which we’re known.

Our relief efforts to date are outlined below. If you have questions, please don’t hesitate to contact your relationship manager or the Concierge Desk at (888) 322-2120.

Preventative health measures and policies to protect employees and clients

  • Instituting measures at branch and office locations to protect the health of both clients and employees, including:
  • Encouraging clients to use our Digital Banking capabilities online and on mobile devices. ATMs are also available for deposits and withdrawals.
  • Implemented remote work options for most personnel. Suspended all non-essential travel.
  • Canceled or postponed in-person client events. Annual Meeting will be held virtually.
  • Conducting all job interviews via phone or video conference.

Initiatives to assist individual clients & families

  • Encouraging individuals who are affected by COVID-19 and need help with their accounts to contact their relationship managers. Offering personalized assistance to aid clients suffering coronavirus-related financial hardships.
  • Offering three months of payment deferment on residential mortgages for those affected by COVID-19, and waiving any late charges on residential loans that would otherwise be applied to March loan payments. Bank will continue to advance taxes and insurance during deferment. Simplified application process. Those borrowers with portfolio loans will have option to extend payment deferment for additional three months. Foreclosure moratorium in effect.
  • Publishing content that covers individuals’ questions or concerns related to COVID-19. Maintaining consistent communication with clients through the website, social media channels, email, webinars, podcasts and direct contact to provide information and assistance.
  • Alerting clients of the growing number of fraud-related schemes associated with coronavirus and encouraging them to be vigilant about verifying the legitimacy of anyone asking for sensitive data, personally identifiable information and/or money.

Initiatives to assist business clients

  • Encouraging businesses that are affected by COVID-19 and need help with their accounts to contact their relationship managers. Offering personalized assistance to aid clients suffering coronavirus-related financial hardships.
  • Funding loans through the Paycheck Protection Program for qualifying clients based on SBA guidance.
  • As a U.S. Small Business Administration (SBA) preferred lender, working with the SBA and delinquent borrowers to address their circumstances resulting from COVID-19.
  • Offering six months of deferment to those affected by COVID-19 on portfolio loans through the SVB Private Business Loan Express Program, a program designed to promote access to small businesses in low- and moderate-income communities, including micro loans. Simplified application process. No late fee charge for March.
  • Working with government agencies, municipalities and other funding sources to ensure that community development and affordable housing projects affected by COVID-19 will succeed, especially those where construction has stopped.
  • Enhanced digital banking functionality for business clients, including mobile check deposit, remote deposit capture, direct deposit, bill pay, ACH origination and wire transfers.
  • Publishing content that covers businesses’ questions or concerns related to COVID-19. Maintaining consistent communication with clients through the website, social media channels, email, webinars, podcasts and direct contact to provide information and assistance.
  • Alerting clients of the growing number of fraud-related schemes associated with coronavirus and encouraging them to be vigilant about verifying the legitimacy of anyone asking for sensitive data, personally identifiable information and/or money.
  • Offering a SVB Private Debt Reserve Program to commercial clients that provides a second mortgage loan to cover debt service payments for a first mortgage for a period of 12 months at 3% interest, a term of 5 years and amortization schedule of 20 years. There are no bank fees and the bank pays the recording fee.

Additional steps to help employees affected by COVID-19:

  • Instituted remote work options for most personnel. Provided technology and systems access to enable remote work.
  • Instituted an appreciation program to provide a special payment to employees performing essential banking services in our offices.
  • Continuing to pay all benefitted employees per their regular hours.
  • Relaxing paid time off policies to accommodate employees who become sick or need to provide care for family members.
  • Offering a variety of benefits and resources to employees including:
    • Health advocate service to help employees navigate medical concerns or speak with a licensed counselor by phone
    • Childcare and eldercare tools and resources
    • Remote work trainings via an online learning management system

Philanthropic initiatives

  • Expediting funding of $190,000 investments to 28 community development nonprofit organizations through the Massachusetts Community Investment Tax Credit program.
  • Committed to investing $30,000 in three community development nonprofit organizations that have established COVID-19 response funds.
  • Proactively supporting nonprofit community development organizations with charitable donations ($66,000 to date), and creating direct deposit transfer of funds for groups whose offices are closed.