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A Response to the Silicon Valley Bank Closure from Ekos CEO

March 14, 2023

This article originated from the Xero blog. The XU Hub is an independent news and media platform - for Xero users, by Xero users. Any content, imagery and associated links below are directly from Xero and not produced by the XU Hub.
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It’s been a stressful couple of days as the Silicon Valley Bank crisis has unfolded. While the SVB name has become synonymous with tech, it has also been a major lender to the wine industry for decades. As the CEO of a tech company that serves the wine industry, I’ve been hit with news from every angle.

Our winery customers are wondering if their assets are safe, and now they face the challenge of securing new loans from banks without SVB’s deep industry knowledge. Industry partners like Rob McMillan are reeling from the sudden collapse of their company, and we all face the potential loss of the gold-standard of industry benchmarking with the annual state of the industry report. And our software company peers are facing yet another blow to the already unstable tech industry.

In times of turmoil and uncertainty, my first instinct is to find a way to help. In the past few days, I’ve had conversations with industry peers about next steps for their company’s banking needs. Access to capital and making payroll are crucial in the near term. For the long term, it’s about finding the right financial partner that believes in your business and wants to grow alongside you — that is what so many had in SVB.

I’ve also been thinking specifically about what Ekos can do to serve the wine industry during this time. From the beginning, the goal of Ekos has always been to help businesses run better. Especially in difficult times, we believe that having the right information at your fingertips can help you make data-driven decisions that mean the difference between failure and success. We saw this during the early months of the pandemic as our winery and brewery customers had to shift their operations due to government regulations and changing consumer habits. Those who were able to understand the state of their business and pivot were the ones who made it through.

Now, with more financial uncertainty than ever for SVB customers, we at Ekos want to offer up help where we can. We’re offering support and financial relief to new and existing Ekos customers who are affected by the SVB shutdown. We’re contacting all of our customers today to let them know that we are here to help.

While the ripple effects of the past couple of days will still take a while to reveal their full impact, we will do what we can to alleviate some immediate stress. Ekos is a proud member of the wine community, and we’re dedicated to supporting businesses navigating tumultuous times. We’re here for you.

Josh McKinney
CEO, Ekos

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