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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.
Nina Bissett, a Washington, DC, resident with an Etsy shop named “Nina Loves Fun,” told The Post she was expecting $700 Friday.
She sells disco balls and vintage accessories.
“It’s my only source of income right now,” said Bissett, 32.
“Obviously I use that money to pay my bills as well as buy the materials that are necessary to stock the things that are in my shop.”
Friday’s sudden bank collapse — the second largest in US history — also devastated New York City-based retailer Camp, which has stores in Manhattan and Brooklyn.
It sent an email to customers Friday offering a 40% discount on merchandise to spur sales and stay afloat.
An Etsy spokesperson said “Our teams have been working around the clock to implement a solution, and we expect to pay sellers via our other payment partners within the next several business days.”