Henrique Dubugras, co-CEO of fintech startup Brex, also spent the weekend working the phone after his company announced an emergency credit line on Friday to help startups get through their next payroll.

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Aiming to avoid what Garry Tan, the CEO of startup accelerator Y Combinator, called a potential «extinction level event» in the tech sector, industry executives moved quickly to do what they could to save small businesses.

«Even if SVB can’t find a buyer or a loan over the weekend, a lot of the money startups have on deposit will be made available to them. But in the meantime, people are facing a real liquidity crunch through no fault of their own, and employees need to get paid,» he said.

Aleem Mawani, founder of Streak, a company with about 30 employees, tutoring academy tweeted Friday he would lend his personal cash free of any terms to other small startups worried about paying staff. Even small startups are getting in on the action to help others.

PALO ALTO, California, March 12 (Reuters) – Technology executives, prominent venture capitalists and founders including OpenAI CEO Sam Altman raced this weekend to keep alive companies caught up in the collapse of Silicon Valley Bank.The Roaring Twenties | Animal Spirits 353

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