“You cannot strengthen the weak, by weakening the strong.”
Silicon Valley Bank is expanding in the Phoenix area with plans to hire 250 people in the next three years and lend at least $100 million to technology and life science companies based in Arizona over the next five years.
The Santa Clara, California-based bank opened in Tempe in 2012, and since has hired and relocated 250 employees to the local office to support the company’s growth.
Silicon Valley Bank opened a Tempe office because it’s close to the headquarters, the area has a great quality of life, talent pool and affordable living for employees, saidCarrie Merritt, Silicon Valley Bank’s public relations director.
“Our long-term outlook was always to add more employees,” Merritt said. “We want to hire a third by the end of this year.”
Silicon Valley Bank has more than 150 positions open throughout the company now. For the bank’s Tempe corporate operations center, which encompasses two floors at Hayden Ferry Lakeside 1 by Tempe Town Lake, the company will hire 250 people in the next three years. The positions include IT, finance and banking operations, with a salary average of $75,000. The positions are posted on thebank’s website.
Besides the hiring, Silicon Valley Bank plans to lend at least $100 million to Arizona-based tech and life science companies in the next five years. The bank has helped out local companies such asInfusionsoft, WebPT, InfoArmor, 41st Parameter and Ulthera.
“Our additional commitment is really about that we believe there is a lot going on in the market,” said Merritt, adding the bank works with 12,000 companies globally. “We’re working with startups to multinational corporations. We work with them throughout the life cycle, from expansion to going public.”
The bank is focused on helping entrepreneurs and high-growth innovation companies build their businesses, and has been instrumental in providing financial services to technology and life science companies for more than 30 years.
Arizona Commerce Authority President and CEO Sandra Watson thanked Silicon Valley bank for its ongoing investment in the state.
“This tech and financial services support center provides hundreds of high-wage jobs for Arizonans, and plays a key role in enhancing service to national and international clients,” Watson said in a statement. “Additionally, SVB’s commitment to lend $100 million provides needed access to capital, which will help spur continued growth for businesses in our state’s innovation ecosystem.”
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WHETHER YOU LEASE OR OWN
NOW IS THE TIME FOR YOU TO EXPAND, UPGRADE OR INVEST.
we are at on the a rise of the cycle in Commercial Real Estate. so there is only one way and it’s called we are going up and now is the time for you to expand, upgrade or invest in Commercial Properties in Phoenix. The prices on deals I may get you will not be around forever.
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