Wyoming Administrative Code › Agency 085 - Business Council › Sub-Agency 0004 - Economic Planning And Partnership Challenge Loan Program › Chapter 1 - WYOMING PARTNERSHIP CHALLENGE LOAN PROGRAM › Section 1-5 - Application Process

Current through July 13, 2024
a. All applications
				for loans shall be submitted on the required forms. Applications will be
				accepted at any time and scheduled for final review and recommendation by the
				Board of Directors on a first-come, first-served basis.
b. One (1) copy of the application shall be
				submitted to the Council offices at:
Wyoming Business Council
214 West 15th Street
Cheyenne, WY 82002
c. Every application for a community
				development or state development organization shall include, unless waived by
				the Council:
(i) three (3) years of financial
				statements (of the community development organization or state development
				organization and business receiving the third party loan), plus current
				financial statements;
(ii)
				pro-forma financial projections (income statement, balance sheet, and cash-flow
				statement) of the community development organization or state development
				organization, and the recipient of the third-party loan(s) for two (2)
				years;
(iii) certificate of
				incorporation of the community development organization or state development
				organization;
(iv) by-laws of the
				community development organization or state development organization;
(v) resolution to borrow by the community
				development organization or state development organization;
(vi) in the case of a community development
				organization, demonstrate the use of funds will stimulate economic development
				in the community or county, or in the case of a state development organization,
				demonstrate the use of funds will stimulate economic or community development
				throughout the state of Wyoming, and that such funds for financing the
				Business(es) are not available from the private-sector or in the case of a
				business(es) a letter of recommendation from the city, county or economic
				development organization where they are located;
(vii) business plan of the community
				development organization, state development organization or the ultimate
				recipient of the third-party loan(s);
(viii) in the case of a community development
				organization, a resolution of support from the legislative body of its
				municipality or county, or in the case of a state development organization, a
				resolution of support from the Council;
(ix) certification by the community
				development organization or state development organization that all statutory
				requirements will be met;
(x)
				certification that the community development organization or state development
				organization will contribute an amount of cash or cash equivalent at least
				equal to the amount of the loan it receives, plus documented evidence of the
				cash or cash equivalent reserves which will be pledged for such
				matching;
(xi) proposed collateral
				for the loan shall be at a loan to value of no more than 85%;
(xii) proposed collateral and collateral
				value;
(xiii) proposed use of loan
				funds (majority of funds cannot be used to refinance existing debt);
(xiv) proposed personal guarantees;
				and
(xv) certification that the
				business will allow an examination of its books and records as required in
				W.S.
				9-12-306(a).