Silicon Valley Bank to dedicate $100M to AZ tech and life science cos
- Carlene Reyes
- On July 30, 2014
Silicon Valley Bank, a worldwide provider of commercial, international and private banking, announced today its plans for further expansion in Arizona. According to an official press release, the banking firm will create more IT and finance jobs at its Tempe facility and expects create 250 new jobs over the next three years. In addition, $100 million will be set aside to lend and invest in Arizona-based technology and life science companies for the next five years.
The Tempe location opened its doors in 2012 as part of the bank’s plan for worldwide growth, becoming its largest office outside of Silicon Valley according to its website. In the last 12 months, SVB has invested in many local companies including Infusionsoft, SheKnows, 41st Parameter, parchment, WebPT, Integrate and InfoArmor.
“Momentum is the word I would use to describe the local innovation economy,” said Dax Williamson, Managing Director for Silicon Valley Bank in Arizona. “We’re seeing a steady pace of new company formation locally and the mood is positive. Similarly, our own business continues to expand around the world and so we’re growing and expanding our operations in Arizona to support our global business. Tempe is a great place for our employees.”
The push for a greater expansion comes in light of a 2014 study published by SVB which finds that the innovation economy is particularly flourishing in the Southwest, “with the highest rate of U.S. hiring, better than average performance, high levels of optimism and the nation’s best success rate in raising private capital in 2013.”
Tempe Mayor Mark Mitchell is pleased that that SVB considers his city a prime location for expansion.
“It is gratifying to see Silicon Valley Bank’s growth and how much they enjoy and value being in Tempe,” said Mitchell. “We offer an unmatched location and lifestyle here, and we are delighted they are part of the community.”
“We thank Silicon Valley Bank for its ongoing investment in Arizona. 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,” said Sandra Watson, President and CEO, Arizona Commerce Authority. “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.