Issue link: https://nebusinessmedia.uberflip.com/i/1495923
W W W. M A I N E B I Z . B I Z 17 A P R I L 3 , 2 0 2 3 F O C U S B A N K I N G / F I N A N C E / I N S U R A N C E and lines of credit, and savings and deposit services for working men and women," he says. He also notes that most Maine bank accounts fall under the FDIC's $250,0000 insurance cap. Entrepreneur seeks third bank So what about entrepreneurs with uninsured hold- ings and little credit history in the United States? at's the case for Max Echeverria, the Chilean- born founder of Portland-based startup Eskuad, a mobile data platform designed for field operations. Like King, he had an account at SVB. At the advice of an investor who tipped him off to the immi- nent bank collapse, he moved most of the money out of his account just in time. "I hadn't realized how stressed I had been until after the money went through," he says. e transfer went to an existing account at corporate payments platform Brex, while leaving a nominal amount with the new SVB bridge bank. "It's insured, so it's a safe bet for now," he says. Echeverria, one of nine employees at Eskuad, is now looking to open a third account at a large com- mercial lender. A foreign national without much of a U.S. credit record, he's hesitant to bank with any smaller institution just yet while keeping his options open as an early-stage startup. "We don't have many assets," he says at the Roux Institute campus he uses as an office when he's in town, "just cash, people and computers." Renee Cordes, Mainebiz senior writer, can be reached a t r c o r d e s @ m a i n e b i z . b i z a n d @ r s c o r d e s 22 LOCATIONS ACROSS MAINE & NEW HAMPSHIRE AUBURN • BANGOR • BAR HARBOR • BELFAST BELGRADE • BLUE HILL • BOOTHBAY HARBOR BRUNSWICK • BUCKSPORT • CALAIS • CAMDEN CHERRYFIELD • DAMARISCOTTA • ELLSWORTH FAIRFIELD • FARMINGTON • GREENVILLE MACHIAS • PORTLAND • ROCHESTER (NH) ROCKLAND • SKOWHEGAN YOUR OUTDOOR LIVING SPACE. TRANSFORM AND MORE! Spring into deck & rail season and... Patrons Oxford Insurance Company - PO Box 3820, Portland, ME 04104 Tel: 1.800.442.6071 Fax: 207.783.7507 www.patrons.com P R O P E R T Y G E N E R A L L I A B I L I T Y I N L A N D M A R I N E H I R E D / N O N - O W N E D A U T O U M B R E L L A E M P L O Y M E N T P R A C T I C E S Personal Lines Commercial Lines H O M E A U T O B O A T S N O W M O B I L E T R A C T O R U M B R E L L A For all the th˜«' you value. PaÈrons O x f o r d I N S U R A N C E P H O T O / T I M G R E E N WAY Max Echeverria, founder of Portland- based startup Eskuad, was able to transfer most out of his money out of his Silicon Valley Bank account in the nick of time.