085-4 Wyo. Code R. §§ 4-5 - Terms, Conditions, and Repayment
a. In making loans,
the Council shall:
(i) establish an up-front
fee and/or a per annum administrative fee of at least one percent (1%) each of
the total loan amount;
(ii)
establish a commitment fee of 0.25% per annum of the amount of the unused
commitment; to be assessed at the first anniversary of the loan date;
(iii) establish a commitment period for
disbursement of loan proceeds not to exceed two years;
(iv) set an interest rate (minimum 4% per
annum) after considering:
A. the
dollar-for-dollar match;
B. the
proposed source(s) and use(s) of the funds, and specifically, the percentage of
owner's equity;
C. other interest
rates associated with total project financing;
D. projected cash flows and business plan of
the Borrower as well as the Business;
E. credit risk of the community development
organization or state development organization and the underlying Third-party
loans;
F. current and projected
market interest rates; and
G.
collateral and security package.
(v) establish the terms of repayment not to
exceed twenty (20) years;
(vi)
require written permission from the Borrower agreeing to allow the Wyoming
Department of Audit and an auditor designated by the Board of Directors to
examine its books and records, upon request;
(vii) reserve the right to terminate the
agreement to ensure funds loaned or committed are invested within twenty-four
(24) months: and;
(viii) require
all statutory requirements regarding the loan be met.
Notes
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