085-1 Wyo. Code R. §§ 1-5 - Application Process

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 15^th Street

Cheyenne, WY 82002

c. Every application for a community development or 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) certificate of incorporation of the community development organization or state development organization;

(iv) by-laws of the community development organization or state development organization;

(v) resolution to borrow by the community development organization or state development organization;

(vi) in the case of a community development organization, demonstrate the use of funds will stimulate economic development in the community or county, or in the case of a state development organization, demonstrate 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;

(vii) business plan of the community development organization, state development organization or the ultimate recipient of the third-party loan(s);

(viii) 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;

(ix) certification by the community development organization or state development organization that all statutory requirements will be met;

(x) certification that the community development organization or state development organization will contribute an amount of cash or cash equivalent at least equal to the amount of the loan it receives, plus documented evidence of the cash or cash equivalent reserves which will be pledged for such matching;

(xi) proposed collateral for the loan shall be at a loan to value of no more than 85%;

(xii) proposed collateral and collateral value;

(xiii) proposed use of loan funds (majority of funds cannot be used to refinance existing debt);

(xiv) proposed personal guarantees; and

(xv) certification that the business will allow an examination of its books and records as required in W.S. 9-12-306(a).

d. Applications for "bridge financing" and "guarantee loan participations" shall include, unless waived by the Council:

(i) complete copy of the originating lender's analysis, recommendation and approval;

(ii) three (3) years of financial and tax statements (or in the case of a new business the most recent statements available since start-up), plus detailed and complete current financial statements of the Business and owner(s);

(iii) pro-forma cash flow statement projections, if required by the commercial lender, of the Business for a minimum of two (2) years;

(iv) proposed collateral and collateral value;

(v) proposed use of loan funds (majority of funds cannot be used to refinance existing debt);

(vi) proposed personal guarantees;

(vii) in the case of a "guaranteed loan participation" as defined in section 3(h), certification that the loan will be guaranteed by a federal program;

(viii) certification by the lender and business that all statutory requirements will be met; and

(ix) certification that the business will allow an examination of its books and records as required in W.S. W.S. 9-12-306(a).

Notes

085-1 Wyo. Code R. §§ 1-5