Linked Deposit Funding Increased
The Linked Deposit Program allows qualified/certified minority-owned and women-owned businesses to borrow money at lower interest rates.
On May 15, 2007, Governor Gregoire signed ESHB 1512, "Increasing the amount the treasurer may use for the Linked Deposit Program." The bill increased the funds set aside for the program from $100 million to $150 million.
The Legislation also requires the Office of Minority and Women Business Enterpirse to adopt regulations to:
- Ensure that when making a qualified loan under the linked deposit program, businesses that have never received a loan under the linked deposit program are given first priority;
- Limit the total principal loan amount that any one business receives in qualified loans under the linked deposit program over the lifetime of the businesses;
- Limit the total principal loan amount that an owner of one or more businesses receives in qualified loans under the linked deposit program during the owners lifetime; and
- Limit the total amount of any one qualified loan made under the linked deposit program.
The Legislation takes effect July 22, 2007.
Gov. Chris Gregoire, seated, signs ESHB 1512 into law on May 15, 2007.
