§ 9-12-202 — Applications for financial aid from the council

Wyoming § 9-12-202

• Jurisdiction: Wyoming
• Title 09: Administration of the Government
• Ch. 12: WYOMING ECONOMIC DEVELOPMENT ACT
• Art. 2: SCIENCE, TECHNOLOGY AND ENERGY FINANCIAL AID

Text

(a) All applications for financial aid shall be submitted
to the council who shall investigate and prepare a report
concerning the advisability of approving the proposed financial
aid for the applicant and concerning any other factors deemed
relevant by the council.
(b) The investigation and report shall include such facts
about the applicant under consideration as its history, wage
standards, job opportunities, stability of employment, past and
present financial condition and structure, pro-forma income
statements, present and future markets and prospects, integrity
of management as well as the feasibility of the proposed product
to be granted financial aid, including the state of development
of the product as well as the likelihood of its commercial
feasibility.
(c) After consideration of the report, the council shall
approve or deny the application. The applicant shall be
promptly notified of the decision. In making the decision as to
approval or denial of an application, the council shall give
priority to those applicants whereby:
(i) The proceeds of the seed capital aid will only be
used to cover the initial capitalization needs of the enterprise
within Wyoming except as otherwise authorized in this article;
(ii) The enterprise has a reasonable chance of
success;
(iii) Participation by the council is necessary to
the success of the enterprise because funding for the enterprise
is unavailable in the traditional capital markets, or because
funding has been offered on terms that would substantially
hinder the success of the enterprise;
(iv) The enterprise seed capital has the reasonable
potential to create a substantial amount of primary employment
within the state;
(v) The entrepreneur and other founders of the
enterprise have already made or are contractually committed to
make a substantial financial and time commitment to the
enterprise;
(vi) There is a reasonable possibility that the
council will recoup at least its initial investment from seed
capital contracts; and
(vii) Binding commitments have been made to the
council by the applicant for adequate reporting of financial
data to the council including a requirement for an annual or
other periodic audit of the books of the enterprise, and for
control by the council over the management of the enterprise, so
as to protect the investment including the right of access to
financial and other records of the enterprise.
(d) In determining the level of financial support to be
advanced, the council shall limit its proportion of financial
aid consistent with the existence of a market failure in product
development financing but shall not provide more than twenty
percent (20%) of the funds of the council for any one (1)
project. Any financial aid toward product development financing
granted pursuant to this section shall be equally matched or
exceeded by the applicant. No financial aid granted pursuant to
this section shall in any manner be pledged as collateral by the
applicant.
(e) Before granting any seed capital financial aid, the
council shall enter into an agreement with the applicant
providing for a return to the council which is commensurate with
the level of risk and amount of the financial aid.