a. Completed
applications shall be reviewed by Council staff to determine eligibility,
completeness, and credit-worthiness.
b. Applications that are determined by
Council staff to be incomplete shall be provided an explanation of the findings
in writing within fifteen (15) working days of their receipt where
practical.
c. Council staff will
formulate a recommendation for complete applications to the Board of Directors
utilizing the criteria in
W.S.
9-12-303 and
9-12-304;
(i) to include:
A. if the total loan amount to a single
community development organization does not exceed five hundred thousand
dollars ($500,000.00) or three million five hundred thousand dollars
($3,500,000.00) to a state development organization;
B. if the total loan amount to a business
applying for "bridge financing" does not exceed 35% of the total project costs
or five hundred thousand dollars ($500,000.00) whichever is less or a loan to a
business qualifying for a "guarantee loan participation" shall not exceed 50%
of the loan or one million dollars ($1,000,000.00), whichever is
less;
C. if there are sufficient
funds in the economic development enterprise account to fully fund it and all
other outstanding commitments and loans;
D. if funds provided by the state are
adequately collateralized. The adequacy of the collateral shall be determined
by Council staff at no more than 85% loan to value;
E. if the application for the loan or loan
commitment is submitted on or after September 1, 1996;
(ii) and will also take into consideration
the following additional criteria:
A. if all
appropriate legal documents are executed;
B. if the community development organization
or state development organization contributes an amount of cash or cash
equivalent at least equal to the loan it receives to a program of investment in
its local economic development;
C.
if the community development organization or state development organization has
consolidated the loan it receives and its required contribution and makes
Third-party loans to Businesses and investments in support of Wyoming
business;
D. if the Board of
Directors has taken into consideration that the Third-party loan does not cause
unfair competition with existing businesses in the area;
E. if the Board of Directors has taken into
consideration that the Third-party loan does not cause unfair competition with
existing lenders in the area;
F. if
the Board of Directors has taken into consideration the likelihood that the
Borrower will be able to make sound underwriting decisions in its provision of
the Third-party loans, and the Borrower's ability to ultimately repay the
Challenge Loan; and
G. if the
Council's portion of the loan is less than the Commercial Lender's.
d. Applicants shall be
notified of the time and place of the Board of Directors meeting at which time
their application will be evaluated.
e. At the meeting, the Board of Directors
shall consider each application, allowing for comments from the applicant and
Council staff. The Board of Directors will then approve or deny each
application subject to the terms and conditions considered necessary by the
Board of Directors. In the event the application is denied the Board of
Directors will disclose to the applicant the reason for denial in writing and
any remedial steps for the application to be reconsidered.
