085-2 Wyo. Code R. § 2-5

Current through April 27, 2019

Section 2-5 - Review and Recommendation

a. Completed requests for declaration of an Economic Disaster Area shall be reviewed by Council staff to determine eligibility and completeness. The Council may require whatever documentation is necessary to verify the extent of the economic impact, and may use good faith estimates of lost revenues to Businesses in determining whether an event qualifies as an economic disaster.

b. Completed Economic Disaster Loan application shall be reviewed by Council staff to determine eligibility, completeness, and credit-worthiness. Incomplete applications will not be forwarded to the Board of Directors.

c. Applications that are determined by Council staff to be incomplete shall be returned to the applicant with an explanation of the findings in writing within fifteen (15) working days of their receipt where practical.

d. Council staff will formulate a recommendation for complete applications to the Board of Directors. The Board of Directors will take into account the statutory requirements and the criteria in W.S. 9-12-303 and 9-12-304,

• (i) to include:
  • A. if the total loan amount to a single eligible Business does not exceed five hundred thousand dollars ($500,000.00);
  • B. if there are sufficient funds in the economic development enterprise account to fully fund it and all other outstanding commitments and loans;
  • C. if funds provided by the state are adequately collateralized. The adequacy of the collateral shall be determined by the Board of Directors;
  • D. 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 Board of Directors has taken into consideration that the loan does not cause unfair competition with existing Businesses in the area;

    C if the Board of Directors has taken into consideration that the loan does not cause unfair competition with existing lenders in the area; and

  • D. if the Board of Directors has taken into consideration the likelihood that the Borrower has the ability to ultimately repay the loan per the terms and conditions of the loan agreement.

e. Applicants shall be notified of the time and place of the Board of Directors meeting at which time their application will be evaluated.

f. At the meeting, the Board of Directors shall consider each application, allowing for comments from the applicant. 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 reasons and any remedial steps, if any, for the application to be reconsidered.

085-2 Wyo. Code R. § 2-5