A New York City-based toy store client of Silicon Valley Bank is asking customers for support as it deals with the fallout of the bank's collapse.

Ben Kaufman, CEO of CAMP, joined "Mornings On 1" Monday to explain how the "family experience" company has been staying afloat without access to its finances.

"It was huge problem. And you know, we used the tools we had. We have such a loyal, amazing customer base and we sent an email out saying, 'Hey, please shop this weekend.' And we set up a new bank account and all of the weekend sales funneled to a new account. So at the very least, our employees, our stores, etc., would have been able to stay open even if the Federal Reserve didn't step in," he said.

Kaufman said the store discounted its products and services throughout the weekend in an effort to encourage customers to shop at the store's nine locations.

He said the experience has been challenging and insightful.

"We started an experiential environment in 2019. We had to shut our stores in 2020 for COVID - this was like the worst idea for COVID - then this," he said. "Startups are hard, retailing is hard, consumer product companies are hard. The safety of your cash was never a consideration. And it's just good that we kind of have developed the grit we had over the last few years."

Federal regulators forced the closure of Silicon Valley Bank on Friday when depositors rushed to withdraw their funds all at once. It is the second-largest bank failure in U.S. history, behind the 2008 failure of Washington Mutual.

President Joe Biden on Monday reassured the American public that the banking system is safe, and bank management would be held accountable.

"Because of the actions that our regulators have already taken, every American should feel confident that their deposits will be there if and when they need them," he said.

Federal officials said Sunday that all Silicon Valley Bank clients would be protected and able to access their capital, and Kaufman said that eased some concerns, but CAMP's own clientele has provided an even greater sense of relief.

"I do know that we have great products in our stores and our customers came out to support us through the fundamentals of what this business is, which is a place for your family. And if that keeps happening, regardless of what goes on in the broader economic environment, hopefully CAMP will be OK," Kaufman said.