Caught in the financial crossfire, nonprofits carry on in wake of Silicon Valley Bank failure

THE ABRUPT CLOSURE of Silicon Valley Bank has hit dozens of local nonprofits.

The immediate concern was making payroll. But nonprofit leaders also worried how they could continue providing direct services for the disenfranchised residents who rely on them. Thankfully, it hasn’t had a drastic impact, but it could’ve meant life or death for many families, said Kyra Kazantzis, CEO of the Silicon Valley Council of Nonprofits.