Wyoming Administrative Code › Agency 085 - Business Council › Sub-Agency 0017 - Wyoming Partnership Challenge Loan Program › Chapter 1 - GENERAL PROVISIONS › Section 1-5 - Default 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, Wyoming 82002
(c) Every application for a community
				development organization, 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) A certificate of
				incorporation of the community development organization, state development
				organization;
(iv) By-laws of the
				community development organization, state development organization; A
				resolution to borrow by the community development organization, state
				development organization;
(v) In
				the case of a community development organization, the use of funds will
				stimulate economic development in the community or county, or in the case of a
				state development organization, 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;
(vi) The business plan of the community
				development organization, state development organization, or the ultimate
				recipient of the third-party loan(s);
(vii) 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;
(viii) A certification by the community
				development organization or state development organization that all statutory
				requirements will be met;
(ix) A
				certification that the community development organization or state development
				organization will contribute an amount of cash or cash equivalent not less than
				twenty percent (20%) of the amount of the loan it receives, plus documented
				evidence of the cash or cash equivalent reserves which will be pledged for such
				matching;
(x) An itemized list of
				the proposed collateral and collateral value, not to exceed a loan to value of
				85%;
(xi) A detailed proposal
				explaining how the community development organization or state development
				organization will use any loan funds. If the development organization intends
				to use loan funds to refinance existing debt, the proposal shall reflect that
				less than fifty percent (50%) of the funds received can be devoted to this
				purpose;
(xii) Proposed personal
				guarantees; and
(xiii) A
				certification that the business will allow an examination of its books and
				records as required in
				W.S.
				9-12-306(a).