Wyoming Administrative Code › Agency 085 - Business Council › Sub-Agency 0004 - Economic Planning And Partnership Challenge Loan Program › Chapter 6 - Large Project Loan Program › Section 6-5 - Program Review and Approval Process; Due Diligence; Closing

Current through July 13, 2024
(a) Steps of
				process. The steps necessary to obtain approval of a loan or loan guarantee
				under the large project program are as follows:
(i) The applicant shall first submit five (5)
				copies of the complete project application to the Wyoming Business Council
				staff, including materials required by the Wyoming Business Council staff in
				addition to those items described in Section 4(a) of this Chapter for
				review.
(ii) After receiving an
				application, the Wyoming Business Council staff shall review the project
				application to ensure completeness under Section 4(a) of this Chapter. Once
				Wyoming Business Council staff ascertain that a submitted application is
				complete, the Wyoming Business Council staff shall deliver one (1) copy each of
				the project application to the Governor or his designee, to the State Treasurer
				or his designee and to the Wyoming Attorney General's Office. The remaining two
				(2) copies shall be retained at the Wyoming Business Council main
				office.
(iii) Wyoming Business
				Council staff shall next review the project application under the process set
				forth in
				W.S.
				9-12-601 through
				W.S.
				9-12-603. Within sixty (60) calendar days of
				receipt of a complete application the Wyoming Business Council staff and
				participants (if applicable) shall present the project, the proposed loan or
				loan guarantee, and its terms to the Loan Review Committee. The Loan Review
				Committee shall adopt a recommendation and may accept or deny the proposed loan
				or amend its terms in that recommendation.
(iv) The Wyoming Business Council staff shall
				provide electronic notice to all Wyoming financial institutions of the
				recommended loan terms and shall allow not less than fifteen (15) business days
				to respond with expressions of interest relating to participation. If multiple
				financial institutions express interest in participating in the proposed loan,
				council staff shall share proposed terms with the applicant. The applicant
				shall choose from the provided proposals, and Wyoming Business Council staff
				shall notify the interested financial institutions of the applicant's choice
				for participation.
(v) Following
				the favorable recommendation of the Loan Review Committee, the project shall be
				submitted to the Wyoming Business Council Board for a vote to accept or reject
				that recommendation at the next scheduled Board meeting.
(vi) Upon the recommendation by the Wyoming
				Business Council Board, the Wyoming Business Council shall forward its
				recommendation to the Wyoming State Loan and Investment Board at the next
				available meeting for its final approval, or rejection, of the loan or loan
				guarantee.
(vii) If the Wyoming
				State Loan and Investment Board grants final approval of the application, the
				application shall return to the Wyoming Business Council staff to close the
				loan or loan guarantee in conjunction with participating financial
				institution(s), if applicable.