Startup-Focused Silicon Valley Bank (SVB) Puts all Eggs in One Basket: Defaults after Bank Run
Startup-focused California-based Silicon Valley Bank was shut down by the US Federal banking regulator (FDIC) on Friday, March 9, at noon. SVB had invested heavily in US government bonds during a period of near-zero interest rates. When the Federal Reserve hiked interest rates, SVB’s asset value (govt. bonds) tanked. This resulted in a classic bank run as depositors withdrew $42 billion in a single day. Despite selling its $21B bond portfolio at a loss of $1.2B, the bank couldn’t stay solvent and had to be shut down by the regulator.
University of Redlands Launches New Strategic Plan for Student Success
University of Redlands’ new strategic plan, Forward Together, prioritizes student-focused education. The program focuses on providing personalized learning experiences to match individual interests and goals. Forward Together aims to drive student success through support, resources, and a culture of excellence.
UC Riverside Awarded $1 Million Grant to Launch OASIS Entrepreneurial Academy
Launch of OASIS Entrepreneurship Academy funded by the State of California. Programmatic activities to increase climate resilience, adaptation, and mitigation capacity. OASIS helps vulnerable populations in the Inland Empire.
San Diego Angel Conference Announces Quarterfinalists for SDAC V
San Diego Angel Conference (SDAC) announced 25 quarterfinalists out of 106 startup applicants that will move forward toward the final pitch at the SDAC V Angel Conference on April 22. The SDAC program provides coaching, an educational program, and connections to founders, aiming to activate accredited investors and fund innovative early-stage companies. SDAC has become one of the country’s most significant event-based angel funds, with an active angel investor group of about 90 accredited investors who invest from $7,000 to $100,000+ in each conference series.
The Collection: New Vibrant Neighborhood Center Set to Open in Ontario, California
The Collection is a 96,000-square-foot neighborhood center designed to meet the surrounding community’s needs. The center will feature a diverse range of famous tenants, including Stater Bros. Markets, Left Coast Brewing, Taqueria 2 Portillos, Yoshiharu Ramen, The X Nail, Cold Stone Creamery, Farmer Boys, 7-Eleven, Starbucks, Capriotti’s Sandwich Shop, and West Coast Dental. The Collection is set to open its first set of tenants in November and is actively seeking additional tenants to join the vibrant community.
Toro Company Honored as 2022 Business of the Year by Riverside Chamber
The Toro Company has been recognized for its leadership in innovative and sustainable solutions for the outdoor environment. The company has demonstrated a solid commitment to the community by supporting local initiatives such as Keep Riverside Clean and Beautiful. The community is invited to join the celebration at the 123rd Inaugural Celebration on March 23 at the Riverside Convention Center, where Toro will be honored.
Events
- Annual LEILA Awards by National Latina Business Women Association – Inland Empire – Fri, May 12 [DoubleTree Hotel / Ontario Convention Center]
