Wyoming Administrative Code › Agency 085 - Business Council › Sub-Agency 0017 - Wyoming Partnership Challenge Loan Program › Chapter 1 - GENERAL PROVISIONS › Section 1-6 - Default Review and Recommendation

Current through July 13, 2024
(a) Completed
				applications shall be reviewed by Council staff to determine eligibility,
				completeness, and credit-worthiness.
(b) Council staff shall provide to the
				applicant of any application determined to be incomplete an explanation of
				their findings in writing prior to denial of the loan;
(c) Council staff shall formulate a
				recommendation for complete applications to the Board of Directors utilizing
				the criteria in
				W.S.
				9-12-303 and
				9-12-304,
				including findings as to whether;
(i) The
				total loan amount to a single community development organization does not
				exceed one million dollars ($1,000,000.00) or three million five hundred
				thousand dollars ($3,500,000.00) to a state development organization;
(ii) The total loan amount to a business
				applying for "fifty-fifty (50-50) financing" does not exceed fifty percent
				(50%) of the total project costs or two million five hundred thousand
				($2,500,000.00) whichever is less or a loan to a business qualifying for a
				"guarantee loan participation" shall not exceed 50% of the loan or two million
				dollars ($2,000,000), whichever is less;
(iii) The total loan amount to a business
				applying for "economic disaster loan" financing does not exceed five hundred
				thousand dollars ($500,000.00);
(iv) The total loan amount to a business
				applying for "loan guarantee" financing does not exceed one hundred thousand
				dollars ($100,000.00);
(v) The
				total loan amount to a business applying for a "contract financing" loan does
				not exceed two hundred thousand dollars ($200,000.00), if the total amount of
				all "contract financing" loans issued do not exceed one million dollars
				($1,000,000.00) at any given time;
(vi) The total loan amount to a business
				applying for a "succession financing" loan does not exceed five hundred
				thousand dollars ($500,000.00);
(vii) The total loan amount to a business
				applying for a "Wyoming main street loan participation" loan does not exceed
				one hundred thousand dollars ($100,000.00);
(viii) The total loan amount to a business
				applying for a "natural gas fueling infrastructure loan" does not exceed 75% of
				the total costs of land building and equipment or one million dollars
				($1,000,000), whichever is less, if the total amount of all "natural gas
				fueling infrastructure loans" issued do not exceed five million dollars
				($5,000,000) at any given time;
(ix) There are sufficient funds in the
				economic development enterprise account to fully fund he instant proposal and
				all other outstanding commitments and loans;
(x) Funds provided by the state would be
				adequately collateralized. The adequacy of the collateral shall be determined
				by Council staff at no more than 85% loan to value;
(xi) The application for the loan or loan
				commitment is submitted on or after July 1, 2022;
(xi) All appropriate legal documents are
				executed;
(xii) The community
				development organization or state development organization contributes an
				amount of cash or cash equivalent not less than twenty percent (20%) of the
				loan it receives to a program of investment in its local economic
				development;
(xiii) The community
				development organization or state development organization has consolidated the
				loan it receives and its required contribution and makes Third-party loans to
				Businesses and investments in support of Wyoming business; The Board of
				Directors has taken into consideration that the Third-party loan does not cause
				unfair competition with existing businesses in the area;
(xiv) The Board of Directors has taken into
				consideration that the Third-party loan does not cause unfair competition with
				existing lenders in the area;
(xv)
				The Board of Directors has taken into consideration the likelihood that the
				Borrower will be able to make sound underwriting decisions in its provision of
				the Third-party loans, and the Borrower's ability to ultimately repay the
				loan.