Wyoming Administrative Code
Agency 085 - Business Council
Sub-Agency 0004 - Economic Planning And Partnership Challenge Loan Program
Chapter 4 - WYOMING MAIN STREET LOAN PARTICIPATION
Section 4-4 - Review and Recommendation
Universal Citation: WY Code of Rules 4-4
Current through September 21, 2024
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
commercial lender applying for "Wyoming main street loan participation" does
not exceed 75% of the total loan amount or one hundred thousand dollars
($100,000.00) whichever is less;
B.
if there are sufficient funds in the economic development enterprise account to
fully fund it and all other outstanding commitments and loans; and
C. if funds provided by the state are
adequately collateralized. The adequacy of the collateral shall be determined
by the Council staff at no more than 85% loan to value;
(ii) and will also take into consideration
the following additional criteria:
A. if all
appropriate legal documents are executed;
B. 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;
C.
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;
and
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.
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