Helping cities and counties grow their economies
Economic development is the key to the growth and prosperity of Washington State. The Office of the State Treasurer promotes economic development through the Local Government investment Pool (LGIP), Linked Deposit program, and the Local Option Capital Asset Lending program.
The LGIP is a valuable tool to help cities and counties manage public funds. It provides a safe, low-cost option for local governments that need liquidity as well as competitive interest rates even in economic tough times. The program allows local governments to use the State Treasurer's resources to safely invest their funds while enjoying the economies of scale available from a $5-8 billion pooled fund investment portfolio. Participating municipalities benefit from lower fees and realize higher interest earnings than they would investing on their own. Click here to find more information or to join.
Linked Deposit Program helps small businesses that are minority and veteran owned.
The Treasurer's Office recognizes the difficulty of running a small business and the challenges business owners face when trying to obtain capital for expansion. Historically, business owned by women and minorities have had a difficult time gaining access to capital. The Treasurer's Office, the Office of Minority and Women's Business Enterprises (OMWBE), and the Department of Community, Trade, and Economic Development (CTED) work together to operate the Linked Deposit Program. This program links state deposit funds to loans provided to qualifying minority and women-owned businesses through participating financial institutions. OST believes these types of small businesses are crucial to the prosperity of Washington and is committed to providing support. Click here to learn more about this program or to enroll.
In addition to the Linked Deposit Program for minorities and women, there is also the Veterans Linked Deposit Program administered by the Department of Veterans Affairs. Any firm currently certified by the Washington State Department of Veterans Affairs as a veteran or service member owned business is entitled to the Linked Deposit benefits. Click here to find more information.
Linked Deposit Banks:
|American West Bank||Key Bank||Union Bank|
|Bank of America||Kitsap Bank||Us Bank|
|Bank of Whitman||Liberty Bay Bank||Washington Trust|
|Banner Bank||Plaza Bank||Wells Fargo|
|Cathay Bank||River Bank||West Coast Bank|
|Columbia State Bank||Riverview Bank||Wheatland Bank|
|East West Bank||Security State Bank||Whidbey Island Bank|
|Fortune Bank||Sterling Savings|
|Heritage Bank||Timberland Bank|
Helping local government do more with their revenues
The Local Option Capital Asset Lending (LOCAL) program provides local governments with a financing option for the purchase of equipment and real estate. Serving cities, fire departments, and school districts, the LOCAL program provides simplicity to its low-cost financing solutions with low fees and interest rates. Find out more about how these programs are impacting your community by clicking here.