a warning from Governor Murphy on the potential economic Fallout from the collapse of Silicon Valley Bank this says the state steps up to offer financial help to New Jersey businesses which had Accounts at that bank as well as another bank that failed yesterday new york-based Signature Bank Governor Murphy saying he believes the financial sector disruption could impact New Jersey's economy and I also unfortunately think that this increases the chance that the the nation and we're no exception we're not immune to this we'll have a tougher economy in the so 6 to 12 months ahead so stay tuned and I'm hoping for the best but we're going to prepare for the worst late yesterday the state announced programs to provide emergency financial assistance to those new jersey-based companies impacted by the bank's collapse the New Jersey Economic Development Authority today launched its Angel match program which helps early stage companies with funding the NJ Eda will launch another program to support entrepreneurs on Wednesday and May schedule a special board meeting this week to consider providing affected New Jersey companies with loans the NJ eda's Tim Sullivan believes more than 100 New Jersey companies are impacted this is where you know Tech startups tech companies digital media Healthcare biotech those kinds of companies that are impacted here so you know we know there's real pain out there meantime President Biden today detailing how the U.S government took a series of steps to protect the banking system including assuring that all depositors of the failed Banks were able to access their money today and the Federal Reserve unveiled an emergency lending program designed to prevent a wave of Bank runs Americans can have confidence that the banking system is safe your deposits will be there when you need them President Biden also saying he will ask Congress to strengthen banking regulations which will roll back under the prior Administration meantime Governor Murphy a former Goldman Sachs investment banker joined a course of Wall Street analysts who believe the bank failures will prompt the Federal Reserve to pause raising interest rates for now on Wall Street investors sold shares of regional Banks today here's a look at how the overall market closed I'm Rhonda schapler and those are your top business stories [Music] support for the business report provided by the Chamber of Commerce Southern New Jersey working for economic Prosperity by uniting business and Community leaders for 150 years membership and event information online at chamber snj.com [Music]