Wyoming Administrative Code
Agency 085 - Business Council
Sub-Agency 0001 - Business Ready Community Grant And Loan Program
Chapter 3 - BUSINESS READY COMMUNITY LOAN INFORMATION
Section 3-5 - Interest Rate and Term
Universal Citation: WY Code of Rules 3-5
Current through July 13, 2024
(a) A Business Ready Community Loan shall be made at the following interest rates as recommended by the Council and established by the Board and reflective of market rates.
(i) A floor of zero percent (0%)
for non-revenue generating projects.
(ii) A floor of one percent (1%) for revenue
generating projects.
(iii) Loans
may have a one-time servicing fee of one-half of one percent (0.5%) not to
exceed five thousand dollars ($5,000) and will be serviced through a
third-party contract.
(iv) Fees
such as origination, documentation, filing appraisal and any additional fees
will be paid by the applicant.
(v)
The term of the loan will be based upon the useful life of the asset not to
exceed thirty (30) years.
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