Venture Debt Was Supposed to Dry Up After SVB. Instead, Competition Increased

When BedRock Systems co-founder Bob Tinker was recently searching for a venture loan to provide extra cash for his cybersecurity startup after it raised a Series A round funding round, he approached a gaggle of lenders specializing in that type of financing: Comerica, HSBC and Stifel as well as Silicon Valley Bank, now operating as a division of North Carolina–based First Citizens Bank.

“They were all pretty good, pitching different terms, different pricing,” Tinker said. “It was nice to have …

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