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Linked Deposit Program

What is it?
What Types of Loans Qualify?
How Does it Work?
Lenders
Laws

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.

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

Banner Bank

Cathay Bank

Coastal Community Bank

Columbia State Bank

Eastwest Bank

Fortune Bank

Heritage Bank

Key Bank    

Kitsap Bank

Liberty Bay Bank

Pacific Continental Bank

Bank/NW International

Plaza Bank

River Bank

Riverview Bank

Security State Bank

Sterling Savings Bank

Timberland Bank

UniBank

Union Bank / Frontier Bank

U.S. Bank

Washington Trust Bank

Wells Fargo Bank

West Coast Bank

Whidbey Island Bank

 

 

           

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

 

 

 
 
 
 

Program Overview

Loan Enrollment Form

Participating Banks

Wait List Information

Flyer

          



HOW DO I FIND OUT MORE?

Contact:
Heidi Audette  Heidia@dva.wa.gov
Jennifer Montgomery
Jenniferm@dva.wa.gov 

Toll Free:
1-800-562-0132 option “1”

Fax:
360-725-2197 Attn: Jen M

Mailing Address:

WDVA Business Registry Attn: Jen M
PO Box 41150
Olympia, WA 98504