Linked Deposit

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Shamekia Moultrie


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 by 2%!


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 Page.


  • 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: two percentage points below the market rate for a similar loan.

  • Firm must satisfy its bank’s financing/loan criteria.


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. 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:

Participating Banks:

·  1st Security Bank of Washington 

·  Heritage Bank

·  Key Bank

·  Liberty Bank

·  Mountain Pacific Bank

·  RiverBank

·  Timberland Bank

·  Umpqua Bank

·  UniBank

·  US Bank

·  Washington Trust Bank

·  Whatcom Educational Credit Union

Linked Deposit Laws:

  • HB 3360 - Legislation increasing the availability of funds for the time certificate of deposit investment program.
  • RCW 43.60A.190 - WDVA authorization Veteran / Servicemember Owned Business Registry and Certification
  • RCW 43.86A - Surplus funds — investment program

Chapter 326-70 WAC - Complete Chapter