085-1 Wyo. Code R. §§ 1-3 - Definitions

a. "Board of Directors" means the Board of Directors of the Council;

b. "Borrower" means the community development organization or a state development organization, which applies for, commits to, and is responsible for repayment of funds provided under this program;

c. "Business" means any existing enterprise which employs people within the state, provides services within the state, uses resources within the state or otherwise adds economic value to goods, services or resources within the state, and includes farm and ranch operations;

d. "Cash or cash equivalent" means liquid assets including savings, checking and money market accounts, CDs, stocks, bonds or cash value life insurance or other similar assets. Equity in real estate holdings and other fixed assets is not to be considered liquid assets;

e. "Community development organization" means a group of private citizens organized as a business entity authorized to do business in this state for the purpose of providing financing for new, existing, or expanding businesses and other economic or community development purposes in Wyoming, and which may take equity positions and shall take security positions in its borrowers' businesses and appropriate personal guarantees from the owners thereof;

f. "Council" means the Wyoming Business Council;

g. "Economic development account" means the economic development enterprise account within the revolving investment fund created under article XVI, section 12 of the Wyoming constitution. The account shall consist of funds from payments as provided in W.S. 9-12-306 and other funds as provided by law;

h. "Guarantee loan participation" means a provision of financing by the Council in which the Council participates with a bank that has secured a federal guaranteed loan to guarantee repayment of a loan made to a business. The maximum participation by the Council shall be fifty percent (50%) of the loan or one million dollars ($1,000,000.00), whichever is less;

i. "Servicing agent" means the qualified entity contracted by the Council to service the loans in the portfolio and to provide administrative services for the program;

j. "State development organization" means a corporation organized under W.S. W.S. 17-11-101 through 17-11-120 with the authority to provide financing for new, existing or expanding businesses, and to fulfill other economic or community development purposes throughout the state of Wyoming, and which may take equity positions and shall take security positions in its borrowers' businesses and appropriate personal guarantees from the owners thereof;

k. "Third-party loan(s)" means loans made by a community development organization or a state development organization to a business, where such loans are funded partially by the Challenge Loan Program;

l. "Bridge financing" means a provision of financing for that portion of the total project cost which is calculated by subtracting from the total project cost the sum of ownership debt and equity. The Council shall not consider a proposal in which the bridge financing component exceeds thirty-five percent (35%) of the total project cost or Five Hundred Thousand Dollars ($500,000.00) which ever is less; and the business does not contribute less than fifteen percent (15%) of the total project cost. The financing is intended to be a participation with a commercial lender with the lender and state sharing a proportionate first lien position on all collateral. In the event of a default the lender will restructure, or proceed with the appropriate legal remedy with proceeds received to be shared proportionately with the state;

m. "Commercial Lender" means commercial institutions that loan money, including banks, credit unions, mutual savings banks, savings and loan associations, stock savings banks, or trust companies;

n. "Economic Disaster Area" means as defined in W.S. W.S. 9-12-301 (a)(v);

o. "Economic Disaster Loan(s)" means loans made to eligible businesses, up to a maximum of five hundred thousand dollars ($500,000.00), where such loans are funded by the Challenge Loan Program;

p. "Lost revenues" shall only include actual losses incurred and shall not include any future losses;

q. "Loan guarantee" means a provision of financing by the Council in which the Council guarantees a portion of a bank loan made to a business;

r. "Wyoming main street loan participation" means a provision of financing by the council in which the council participates with a Commercial Lender that has made a loan to a business for building improvements to maintain the structure's historical character. The maximum participation by the Council shall be seventy-five (75%) of the loan or one hundred thousand dollars ($100,000), whichever is less;

s. "Renovation: means construction or reconstruction-type work on a building including: façade, roof, exterior wall assembly, foundation, windows, doors, cornice treatment, awnings and canopies; and

t. "Natural gas fueling infrastructure loan" means a loan issued by the Council for the costs of the engineering, design, real property, equipment and labor necessary to install a functioning natural gas filling station to fuel motor vehicles, which operate on natural gas as a transportation fuel.

Notes

085-1 Wyo. Code R. §§ 1-3