Arc's Response to First Republic Bank — How We're Supporting Affected Startups
We are deeply saddened by the news surrounding First Republic Bank, I want to openly pledge Arc’s support to those impacted by this event. First Republic Bank was an integral part of our community, propelling the growth of many innovative companies – with a particular emphasis on providing exceptional service to the people and organizations that fuel positive change in our communities.
At times like these, we think it’s absolutely mission-critical that businesses step in to make sure those directly impacted – and the banking community as a whole navigate these challenging times.
Here are a few ways we’re extending our support to First Republic Bank customers.
Dedicated Support and Expedited Onboarding
First Republic customers who apply for a cash management account with Arc will receive dedicated support from our relationship managers, and their applications will be prioritized. Customers can open an account and deposit funds or apply for financing in under 10 minutes.
Expedited Access to Capital
In addition to transparent payback plans and favorable rates, Arc is providing near-instant funding approvals for First Republic Bank customers. FRB customers can get up to $1M in financing through Arc’s revenue financing, $10M through Arc’s hybrid financing, and $25M through Arc’s new venture debt financing—all to meet their short-term working capital needs.
100% Coverage of Funds
Safety, security, and liquidity continue to be top of mind for many founders during this time—our suite of cash management accounts is designed to meet the needs of all startups regardless of their stage. Through cash sweeps, which offer up to $2.75M of FDIC Coverage, money market funds that provide $500k in SIPC Insurance, and US T-Bills, startups can safeguard 100% of their cash. We’re actively working to raise these coverage limits for our customers and hope to share an update soon.
Lastly, I want to reassure our customers: Arc has no direct exposure to First Republic Bank.
We’re fortunate to be in a position to help the thousands of startups looking to securely store their funds and access additional capital to keep their businesses running.
Our entire team is closely monitoring this evolving bank crisis and is on standby to help with anything that you may need. For those looking for a new deposit relationship, please consider Arc’s cash management accounts as an option.
Thank you for your continued trust in Arc and if you have any questions, please reach out to firstname.lastname@example.org.