OLYMPIA – The Office of the State Treasurer’s request legislation that modernizes the state’s Linked Deposit Program by diversifying depositing options to help maintain the health of the program was signed by the Governor today.
Senate Bill 5787, sponsored by Sen. Joe Nguyen (D-White Center), broadens depositing options for the Treasury beyond only Certificates of Deposits for the state’s Linked Deposit Program. The Linked Deposit Program provides interest rate reductions to borrowers certified by the Office of Minority and Women’s Business Enterprise and the Department of Veteran Affairs.
“By encouraging the growth of minority owned businesses, we do our part to ensure economic justice for our communities of color, women business owners, and businesses in other historically disenfranchised communities,” said Sen. Joe Nguyen.
The Washington Legislature found that veteran, minority, and women-owned businesses had been historically denied access to capital, which is a key barrier to the development of these businesses. Amending the Linked Deposit Program statute will keep banks on board as participants in the program.
“I want to thank the Governor for quickly enacting this legal fix for the Linked Deposit program to ensure that those eligible for small business loans can continue to get them,” said State Treasurer Mike Pellicciotti. “The Treasurer’s Office will continue to fight for access to capital for all Washingtonians, including the women, minority, and veteran small business owners who benefit the most from the Governor’s actions today.”
Senate Bill 5787 goes into effect 90 days after adjournment of the legislative session.