The Silicon Valley Bank collapse is hitting moms and other small business owners who sell online on Etsy.
The Brooklyn-based commerce site notified shop owners that the deposits they were expecting Friday would be delayed “because of the recent developments regarding Silicon Valley Bank, who Etsy uses to facilitate disbursements to some sellers.”
The news led some shop owners to “freak out” and others to contemplate putting their storefronts on pause.
“They’re saying they’re going to try to pay us on Monday, but they’re not sure. So they’re just holding our funds and not paying us and that’s a little scary. Like I’m freaking out,” one Etsy seller vented on TikTok.
“I’m a mom of three. I run a small business,” said Amber Fields, 32, of Louisville, Ky.
Fields, who sells stickers, drinkware and T-shirts under the name Little Miss Lovely Creations, added, “Those funds feed my family and pay my bills.”
Another woman on TikTok with the user name amgeee1 said she had been an Etsy seller since 2015 and the delay could be devastating to her finances.
“I have to pay my mortgage in a few days, and I can’t because they have my money on hold,” she said.
That’s why the Fed is bailing out SVB. But they’re not using the “b” word. Even though that’s what they’re doing.