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 1-3 - Definitions

Current through July 13, 2024
a. "Board of Directors" means the Board of
				Directors of the Council;
b.
				"Borrower" means the community development organization or a state development
				organization, which applies for, commits to, and is responsible for repayment
				of funds provided under this program;
c. "Business" means any existing enterprise
				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;
d. "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;
e.
				"Community development organization" 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 positions in its borrowers' businesses
				and appropriate personal guarantees from the owners thereof;
f. "Council" means the Wyoming Business
				Council;
g. "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.
				9-12-306 and other funds as provided by
				law;
h. "Guarantee loan
				participation" means a provision of financing by the Council in which the
				Council participates with a bank that has secured a federal guaranteed loan to
				guarantee repayment of a loan made to a business. The maximum participation by
				the Council shall be fifty percent (50%) of the loan or one million dollars
				($1,000,000.00), whichever is less;
i. "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;
j. "State development organization" means a
				corporation organized under W.S.
				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;
k. "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;
l.
				"Bridge financing" means a provision of financing for that portion of the total
				project cost which is calculated by subtracting from the total project cost the
				sum of ownership debt and equity. The Council shall not consider a proposal in
				which the bridge financing component exceeds thirty-five percent (35%) of the
				total project cost or Five Hundred Thousand Dollars ($500,000.00) which ever is
				less
;
and the business does not contribute less than
				fifteen percent (15%) of the total project cost. The financing is intended to
				be a participation with a commercial lender with the lender and state sharing a
				proportionate first lien position on all collateral. In the event of a default
				the lender will restructure, or proceed with the appropriate legal remedy with
				proceeds received to be shared proportionately with the state;
m. "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;
n. "Economic Disaster
				Area" means as defined in W.S.
				W.S.
				9-12-301 (a)(v);
o. "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;
p. "Lost revenues" shall
				only include actual losses incurred and shall not include any future
				losses;
q. "Loan guarantee" means a
				provision of financing by the Council in which the Council guarantees a portion
				of a bank loan made to a business;
r. "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;
s. "Renovation: means construction or
				reconstruction-type work on a building including: façade, roof, exterior
				wall assembly, foundation, windows, doors, cornice treatment, awnings and
				canopies; and
t. "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.