(a)As used in this article:
(i)"Business" means any proposed or existing
enterprise which employs people within the state, provides
services within the state, uses resources within the state or
otherwise adds economic value to goods, services or resources
within the state, and includes farm and ranch operations;
(ii)"Community development organization" means a
group of private citizens organized as a business entity
authorized to do business in this state for the purpose of
providing financing for new, existing, or expanding businesses
and other economic or community development purposes throughout
its community or county, and which may take equity positions and
shall take security positions in its borrowers' businesses and
appropriate personal guarantees from the owners thereof;
Free access — add to your briefcase to read the full text and ask questions with AI
(a) As used in this article:
(i) "Business" means any proposed or existing
enterprise which employs people within the state, provides
services within the state, uses resources within the state or
otherwise adds economic value to goods, services or resources
within the state, and includes farm and ranch operations;
(ii) "Community development organization" means a
group of private citizens organized as a business entity
authorized to do business in this state for the purpose of
providing financing for new, existing, or expanding businesses
and other economic or community development purposes throughout
its community or county, and which may take equity positions and
shall take security positions in its borrowers' businesses and
appropriate personal guarantees from the owners thereof;
(iii) "Economic development account" means the
economic development enterprise account within the revolving
investment fund created under article XVI, section 12 of the
Wyoming constitution. The account shall consist of funds from
payments as provided in W.S. 9-12-305 and other funds as
provided by law;
(iv) "State development organization" means a
corporation organized under W.S. 17-11-101 through 17-11-120
with the authority to provide financing for new, existing or
expanding businesses and to fulfill other economic or community
development purposes throughout the state of Wyoming, and which
may take equity positions and shall take security positions in
its borrowers' businesses and appropriate personal guarantees
from the owners thereof;
(v) "Economic disaster" means an event occurring in
Wyoming that has an economic impact with total lost revenues to
impacted businesses in a twelve (12) calendar month period of at
least four million dollars ($4,000,000.00) or an economic impact
with total lost revenues to impacted businesses in four (4) or
less counties in a twelve (12) calendar month period of at least
one million dollars ($1,000,000.00). The business council may
use good faith estimates of lost revenues to businesses in
determining whether an event qualifies as an economic disaster.
Calculation of lost revenues shall only include actual losses
incurred and shall not include any future losses;
(vi) "Fifty-fifty (50-50) financing program" means
the provision of financing for that portion of the total project
cost that is calculated by subtracting from the total project
cost the sum of the business's debt. The council shall not
consider a proposal in which the fifty-fifty (50-50) financing
component exceeds fifty percent (50%) of the total project cost
or two million five hundred thousand dollars ($2,500,000.00),
whichever is less, and the business does not contribute more
than fifteen percent (15%) of the total project cost;
(vii) "Guarantee loan participation" means a
provision of financing by the council in which the council
participates with a lender that has secured a federal guaranteed
loan to guarantee repayment of a loan made to a business. The
maximum participation by the council shall be fifty percent
(50%) of the loan or two million dollars ($2,000,000.00),
whichever is less. The council shall not participate in a new
guarantee loan participation under this article on and after
July 1, 2022 as provided in W.S. 9-12-304(e);
(viii) "Loan guarantee" means a provision of
financing by the council in which the council guarantees a
portion of a bank loan made to a business. The council shall not
issue a loan guarantee under this article on and after July 1,
2022 as provided in W.S. 9-12-304(f);
(ix) "Wyoming main street loan participation" means a
provision of financing by the council in which the council
participates with a lender that has made a loan to a business
for building improvements to maintain the structure's historical
character. The maximum participation by the council shall be
seventy-five percent (75%) of the loan or one hundred thousand
dollars ($100,000.00), whichever is less;
(x) "Natural gas fueling infrastructure loan" means a
loan issued by the council for the costs of the engineering,
design, real property, equipment and labor necessary to install
a functioning natural gas filling station to fuel motor vehicles
which operate on natural gas as a transportation fuel;
(xi) "Contract financing" means a provision of
financing for a business to gain liquidity and in which the
business assigns the proceeds of a valid contract as collateral
for the financing;
(xii) "Succession financing" means a provision of
financing to be used to assist in the transition or succession
of a business that has been in existence for not less than seven
(7) years immediately before the transfer or succession to a new
owner of the business.