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WHAT IS IT?
The Washington State Veteran Linked Deposit Program improves access to capital for certified Veteran and Servicemember owned business enterprises by decreasing interest rates on small business loans up to 2%!
WHO QUALIFIES?
Any firm currently certified by the Washington State Department of Veterans Affairs (WDVA) as a Veteran or Servicemember Owned Business is entitled to the Linked Deposit benefit. Any business related loan carried by a certified firm, and made by a participating lender, is eligible for enrollment in the program. A firm must be certified by WDVA before their business loan can be enrolled in the program.
For Veteran Business Owners: WDVA is partnering with the Federal Center for Veterans Enterprise and their VetBiz registry. Veteran Owned Businesses must register on VetBiz and the WDVA Veteran/Servicemember Owned Business Registry in order to complete the certification process.
For Servicemember Business Owners: Call WDVA at 1-800-562-0132
opt ‘1’ to find out more about the certification process.
To learn more about certification and eligibility criteria visit the WDVA Veteran and Servicemember Owned Business Registration Page.
WHAT TYPES OF LOANS QUALIFY?
- Types of qualifying loans: Any commercial financing made to the certified firm, e.g., lines of credit, financing of accounts receivable, working capital, equipment purchases, and real property acquisition.
- $1 million per-loan limit; ten year maximum term.
- Interest rate: up to two percentage points below the market rate for a similar loan.
- Firm must satisfy its bank’s financing/loan criteria.
HOW DOES IT WORK?
The Linked Deposit Program “links” the State’s short-term surplus fund deposits to the commercial loans that financial institutions make to certified Veteran and Servicemember owned business enterprises. The State Treasurer is authorized to use up to $15 million of these funds to purchase certificates of deposit in an amount equivalent to the amount financial institutions loan to certified Veteran and Servicemember owned business enterprises. Up to two percent of the interest that is earned on these certificates of deposit is used to reduce the interest rate that would otherwise be charged to a certified business for its financing.
The Linked Deposit Program is available to any qualified depositary doing business in Washington State. Contact your bank to find out if they are an active Linked Deposit lender. The following lenders have participated in the program:
American West Bank |
Bank of America |
Bank of the Pacific |
Bank of Whitman |
Banner Bank |
Cascade Bank
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Coastal Community Bank |
Columbia State Bank |
Commerce Bank of WA |
Evergreen Bank |
First Mutual Bank |
Frontier Bank |
Heritage Bank |
Horizon Bank |
Islanders Bank |
Key Bank |
Kitsap Bank |
North Cascades National |
Pacific Continental Bank |
People's Bank |
Plaza Bank |
Puget Sound Bank |
Regal Financial Bank |
Riverview Community Bank |
Skagit State Bank |
South Sound Bank |
Sterling Savings Bank |
Timberland Bank |
UniBank |
U.S. Bank |
United Commercial Bank |
Valley Bank |
Venture Bank |
Viking Bank |
Washington Business Bank |
Washington Trust Bank |
Wells Fargo Bank |
West Coast Bank |
Wheatland Bank |
Whidbey Island Bank |
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HOW DO I FIND OUT MORE?
For certification, eligibility, waitlist, and other business services:
Heidi Audette Heidia@dva.wa.gov - 360-725-2154
Jennifer Montgomery Jenniferm@dva.wa.gov - 360-725-2169
Toll Free 1-800-562-0132 option “1”
Mailing Address:
PO Box 41150
Olympia, WA 98504
www.dva.wa.gov
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