An open letter from our founders re: SVB 🙏🏽

Hi friend -

Kim + Vanessa, co-founders of Omsom here. As you may have read, Silicon Valley Bank (our bank) has been shut down by regulators. This has truly rocked our small corner of the universe.

Omsom had all of our capital in an SVB account, which was seized by the FDIC yesterday afternoon. As a result, we may not have access to the funds in our account, beyond the $250k insured by the FDIC, for an unknown amount of time.

Let us be clear: this poses a major existential threat to many small businesses (especially those creating physical goods). Not having access to working capital severely hampers our ability to create sellable product, manage inventory, + keep the lights on. 

When large institutions + gatekeepers make big changes, it’s oftentimes the smallest + most marginalized groups who feel the impact the heaviest 3

We’re writing this not to garner pity, but to show you the realities of running a small consumer packaged goods brand in 2023. We’re navigating a recession, the hangover of a pandemic, sociopolitical traumas, and now the second largest bank failure in American history. 

The future is still unclear, with a lot of speculation swirling around us – but as founders, we’re trying everything we can to make sure Omsom will make it through this. 

Here’s how you can help:

Small businesses across the nation are fighting for our lives - so please support us. Stock up on products, purchase gift cards, share our stories - every small act helps.

If you'd like to support us directly, you can purchase at https://omsom.com/collections - all purchases now go to a new bank account (that we have access to, thankfully!) 

Proud + loud doesn’t always have to be celebratory - sometimes it’s about choosing to make decisions in the light + bring others along for the journey <3

Thanks for reading. 

Love, Vanessa + Kim Pham

Co-founders of Omsom