Department of Economic Development
Excelsior Linked Deposit Program In the Excelsior Linked Deposit Program, which is administered by the Department of Economic Development, low-interest loans are made by participating banks to small companies with limited access to capital. The banks receive deposits of State funds on which a low rate of interest is paid. In this way, each deposit is "linked" to a loan. We examined the effectiveness of the Program and found that it could be enhanced if performance measures were developed and used in Program administration. We also found that additional actions could be taken to provide assurance that loans are made to the types of companies targeted by the Program.
For a complete copy of Report 98-S-81 click here.
For a copy of the 90-day response click here.