Many of you have likely seen the news about Silicon Valley Bank's failure, so we wanted to share an update. Denim does not have a banking or credit relationship with Silicon Valley Bank. We continue to support your business and maintain normal factoring operations.
Silicon Valley Bank’s closure is impacting the larger banking ecosystem and may have ripple effects on other banks. Fortunately, our lender is a non-bank financial institution and well insulated from the risk of a bank run. Additionally, we maintain a resilient and multi-faceted payment network and have full confidence in our ability to ensure that all funds are sent and received.
Please note that as the banking situation evolves, we may decide to issue your payments using alternative methods in order to be absolutely certain of their receipt. Should we decide to use an alternative payment method, we will inform you.
We know it can be stressful operating your business amidst this chaos, so we're making two commitments to you all:
- We will continue to make all payments each day as they are due
- We will continue to keep you updated as this situation evolves
Thank you for your patience and assistance.