085-1 Wyo. Code R. §§ 1-6 - Review and Recommendation

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.

Notes

085-1 Wyo. Code R. §§ 1-6