Roger Smith and his bankers from Wells Fargo’s Special Industries Group brought their experience in tech lending to Silicon Valley Bank (SVB). According to Smith, Bank of America (BOA) was the first bank to take warrants for the right to purchase shares as part of the loan cost that they charged tech companies who were backed by Venture Capitalists (VCs) in Silicon Valley’s early days. After both Bank of America and Wells Fargo exited tech lending, SVB became the sought-after bank for lending to tech companies. SVB perfected its tech lending practice to startups that were VC-funded entities. This practice would later be called venture lending, venture loans, or venture debts in the United States and overseas.1