Wyoming Administrative Code › Agency 085 - Business Council › Sub-Agency 0017 - Wyoming Partnership Challenge Loan Program › Chapter 1 - GENERAL PROVISIONS › Section 1-3 - Definitions

Current through July 13, 2024
(a) "Applicant"
				means all eligible entities that can apply for loans and then using that term
				where both CDO/SDO and businesses have the same requirements.
(b) "Board of Directors" means the Board of
				Directors of the Council;
(c)
				"Borrower" means the community development organization, state development
				organization, or business which applies for, commits to, and is responsible for
				repayment of funds provided under this program;
(d) "Business" means any existing enterprise,
				incorporated in the state, which employs people within the state, provides
				services within the state, uses resources within the state or otherwise adds
				economic value to goods, services or resources within the state, and includes
				farm and ranch operations;
(e)
				"Cash or cash equivalent" means liquid assets including savings, checking and
				money market accounts, CDs, stocks, bonds or cash value life insurance or other
				similar assets. Equity in real estate holdings and other fixed assets is not to
				be considered liquid assets;
(f)
				"Community development organization (CDO)" means a group of private citizens
				organized as a business entity authorized to do business in this state for the
				purpose of providing financing for new, existing, or expanding businesses and
				other economic or community development purposes in Wyoming, and which may take
				equity positions and shall take security
(g) positions in its borrowers' businesses
				and appropriate personal guarantees from the owners thereof;
(h) "Commercial Lender" means commercial
				institutions that loan money, including banks, credit unions, mutual savings
				banks, savings and loan associations, stock savings banks, or trust
				companies;
(i) "Contract Financing"
				means a provision of financing for a business to gain liquidity and in which
				the business assigns the proceeds of a valid contract as collateral for the
				financing;
(j) "Council" means the
				Wyoming Business Council;
(k)
				"Council staff" means the staff of the Wyoming Business Council;
(l) "Economic development account" means the
				economic development enterprise account within the revolving investment fund
				created under article XVI, section 12 of the Wyoming constitution. The account
				shall consist of funds from payments as provided in W.S. 912-306 and other
				funds as provided by law;
(m)
				"Economic Disaster Area" means as defined in
				W.S.
				9-12-301(a)(v);
(n) "Economic Disaster Loan(s)" means loans
				made to eligible businesses, up to a maximum of five hundred thousand dollars
				($500,000.00) where such loans are funded by the Challenge Loan
				Program;
(o) "Fifty-fifty (50-50)
				financing program" means a provision of financing for that portion of the total
				project cost that is calculated by subtracting from the total project cost the
				sum of the business's debt. The Council shall not consider a proposal in which
				the fifty-fifty (5050) financing component exceeds fifty percent (50%) of the
				total project cost or two million five hundred thousand dollars
				($2,500,000.00), whichever is less; or the business contributes less than
				fifteen percent (15%) of the total project cost;
(p) "Financial Records" means an applicant's
				financial statements, balance sheets, income statements, tax returns, or any
				other financial records deemed necessary for review;
(q) "Land development loan" means an
				extension of credit for the purpose of improving unimproved real property prior
				to the erection of structures. The improvement of unimproved real property may
				include the laying or placement of sewers, water pipes, utility cables,
				streets, and other infrastructure necessary for future development.
(r) "Large Project Loan Program" means a
				provision of financing for a business to promote a stable, balanced, and
				diversified economy. The project must have a minimum project cost of five
				million dollars ($5,000,000.00), a high likelihood of completion, create jobs,
				increase sales and property taxes, and demonstrate a significant increase in
				the assessed valuation of the county or counties in which the project is
				located;
(s) "Loan Review
				Committee" means a Committee comprised of the Governor or his designee, the
				Treasurer or his designee, and a member of the Council who has expertise in
				banking or experience in the banking industry designated by the Chief Executive
				Officer of the Wyoming Business Council.
(t) "Lost revenues" shall only include actual
				losses incurred and shall not include any future losses;
(u) "Natural gas fueling infrastructure loan"
				means a loan issued by the Council for the costs of the engineering, design,
				real property, equipment, and labor necessary to install a functioning natural
				gas filling station to fuel motor vehicles, which operate on natural gas as a
				transportation fuel;
(v) "Owners"
				means an individual/entity possessing an interest in the applicant's business,
				at or more than twenty percent (20%) and/or a guaranteeing entity;
(w) "Participant" means any Financial
				Institution(s) sharing a portion of the loan with the Wyoming Business Council
				through a participation agreement;
(x) "Partnership Challenge Loan Program"
				means a provision of financing to be used to assist any community development
				organization, as defined in Section 3(f), or state development organization, as
				defined in Section 3(cc), to build, acquire, purchase, or complete projects for
				the purpose of economic or community development purposes within the State of
				Wyoming;
(y) "Recipient" means a
				proposed or existing enterprise who has been awarded funds under any of the
				following loan programs;
(z)
				"Renovation" means construction or reconstruction-type work on a building
				including: façade, roof, exterior wall assembly, foundation, windows,
				doors, cornice treatment, awnings and canopies; "Servicing agent" means the
				qualified entity contracted by the Council to service the loans in the
				portfolio and to provide administrative services for the program;
(aa) "State development organization (SDO)"
				means a corporation organized under
				W.S.
				17-11-101 through
				17-11-120
				with the authority to provide financing for new, existing, or expanding
				businesses, and to fulfill other economic or community development purposes
				throughout the state of Wyoming, and which may take equity positions and shall
				take security positions in its borrowers' businesses and appropriate personal
				guarantees from the owners thereof;
(bb) "Succession financing" means a provision
				of financing to be used to assist in the transition or succession of a that has
				been in existence for not less than seven (7) years immediately before the
				transfer or succession business from the business's current owner or owners to
				a new owner of the business;
(cc)
				"Third-party loan(s)" means loans made by a community development organization
				or a state development organization to a business, where such loans are funded
				partially by the Challenge Loan Program;
(dd) "Wyoming main street loan participation"
				means a provision of financing by the council in which the council participates
				with a Commercial Lender that has made a loan to a business for building
				improvements to maintain the structure's historical character. The maximum
				participation by the Council shall be seventy-five (75%) of the loan or one
				hundred thousand dollars ($100,000), whichever is less;