(a)Except as otherwise provided under subsections (c)
through (k) of this section, loans under this article may only
be made by the council to community development organizations
and state development organizations which meet the following
eligibility criteria:
(i)The community development organization or state
development organization will contribute an amount of cash or
cash equivalent not less than twenty percent (20%) of the loan
it receives under this article to a program of investment in its
area of local economic development;
(ii)The community development organization or state
development organization will consolidate the loan it receives
under this article and its required contribution under paragraph
(i)of this subsection and make loans to Wyoming businesses and
investments in
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(a) Except as otherwise provided under subsections (c)
through (k) of this section, loans under this article may only
be made by the council to community development organizations
and state development organizations which meet the following
eligibility criteria:
(i) The community development organization or state
development organization will contribute an amount of cash or
cash equivalent not less than twenty percent (20%) of the loan
it receives under this article to a program of investment in its
area of local economic development;
(ii) The community development organization or state
development organization will consolidate the loan it receives
under this article and its required contribution under paragraph
(i) of this subsection and make loans to Wyoming businesses and
investments in support of Wyoming businesses, such as
infrastructure construction loans and occupational training
loans;
(iii) The community development organization has been
endorsed by a resolution of the legislative body of its
municipality or county or, in the case of a state development
organization, has been endorsed by a resolution of the council;
and
(iv) As part of any agreement under this article and
to ensure funds loaned or committed under this section are
invested by the community development organization or the state
development organization in local economic development in a
reasonable period of time, the council shall reserve the right
to terminate the agreement.
(b) Loans, loan commitments or loan guarantees or any
combination thereof shall be made under this article only:
(i) If the total amount to:
(A) A single community development organization,
or to a business for an economic disaster loan as provided under
subsection (c) of this section, does not exceed one million
dollars ($1,000,000.00);
(B) A business for fifty-fifty (50-50) financing
as provided under subsection (d) of this section does not exceed
two million five hundred thousand dollars ($2,500,000.00) or
fifty percent (50%) of the total project cost, whichever is
less;
(C) State development organizations does not
exceed three million five hundred thousand dollars
($3,500,000.00);
(D) A business for a Wyoming main street loan
participation as provided under subsection (g) of this section
does not exceed one hundred thousand dollars ($100,000.00);
(E) A business for a natural gas fueling
infrastructure loan as provided under subsection (h) of this
section does not exceed seventy-five percent (75%) of the total
project cost or one million dollars ($1,000,000.00), whichever
is less;
(F) A business for a contract financing loan as
provided under subsection (j) of this section does not exceed
two hundred thousand dollars ($200,000.00); or
(G) A business for a succession financing loan
as provided under subsection (k) of this section does not exceed
five hundred thousand dollars ($500,000.00).
(ii) If there are sufficient funds in the economic
development enterprise account to fully fund it and all other
outstanding commitments, loans, loan guarantees and guarantee
loan participations;
(iii) If funds provided by the state are adequately
collateralized. The adequacy of the collateral shall be
determined by the council;
(iv) Repealed By Laws 2010, Ch. 69, § 208.
(c) Any business or group of businesses may apply to the
council for designation of an area of this state as an area in
which an economic disaster as defined in W.S. 9-12-301(a)(v) has
occurred. The council shall prescribe the form and contents of
such applications. The council shall review each application and
make a determination as soon as practicable as to whether an
economic disaster area designation shall be made. The council
may make loans to any business located within the designated
economic disaster area that has lost revenue as a result of the
economic disaster. Subsection (a) of this section does not apply
to economic disaster loans under this subsection.
(d) Any business may apply to the council for fifty-fifty
(50-50) financing as defined in W.S. 9-12-301(a)(vi). The
council shall prescribe the form and contents of the
application. The council shall review each application and make
a determination as soon as practicable. In the event of a
default for any loan made under this subsection, liability shall
be shared proportionately between the state and the lending
institution in the same percentage as the source of the loan.
The interest of the state and the lending institution shall have
priority over any claim of the business receiving the bridge
financing or any other third party.
(e) Before July 1, 2022, any business may apply to the
council for a guarantee loan participation as defined in W.S. 9-
12-301(a)(vii). The council shall prescribe the form and
contents of the application. The council shall review each
application and make a determination as soon as practicable. No
guarantee loan participations shall be issued on and after July
1, 2022. The council shall structure any guarantee loan
participation so that in the event of default of any loan which
is participated in under this subsection:
(i) Liability shall be shared proportionally between
the state and the lending institution in the same percentage as
the source of the funding for the loan; and
(ii) The interest of the state and the lending
institution shall have priority over any claim of the business
receiving the financing or any other third party.
(f) Before July 1, 2022, any business may apply to the
council for a loan guarantee as defined in W.S. 9-12-
301(a)(viii). The council shall prescribe the form and contents
of the application. The council shall review each application
and make a determination as soon as practicable. No loan
guarantees shall be issued on and after July 1, 2022. The
council shall structure any loan guarantee so that in the event
of default of any loan that is guaranteed under this subsection:
(i) Liability to the state under the guarantee shall
not exceed one hundred thousand dollars ($100,000.00) per loan
guaranteed or eighty percent (80%) of any net loan loss by the
bank, whichever is less; and
(ii) The interest of the state and the lending
institution shall have priority over any claim of the business
receiving the financing or other third party.
(g) Any business may apply to the council for a Wyoming
main street loan participation as defined in W.S.
9-12-301(a)(ix). The council shall prescribe the form and
contents of the application. The council shall review each
application and make a determination as soon as practicable. In
the event of a default for any loan made under this subsection,
liability shall be shared proportionately between the state and
the lender in the same percentage as the source of the loan.
The interest of the state and the lender shall have priority
over any claim of the business receiving the main street loan
participation or any other third party.
(h) Any business may apply to the council for a natural
gas fueling infrastructure loan as defined in W.S.
9-12-301(a)(x). The council shall prescribe the form and
contents of the application. The council shall review each
application and make a determination as soon as practicable. In
the event of a default, the state shall have priority over any
claim of the business receiving the natural gas fueling
infrastructure loan or third party. Notwithstanding W.S.
9-12-303, no interest or principal payments shall be due for the
first two (2) years of the loan term. All deferred interest
during the first two (2) years of the loan term shall accrue to
the principal balance. All loans issued under this subsection
shall not exceed five million dollars ($5,000,000.00) and after
five million dollars ($5,000,000.00) in loans have been issued,
no further loans shall be issued under this subsection without
further legislative approval. Subsection (a) of this section
does not apply to natural gas fueling infrastructure loans under
this subsection. In evaluating applications for a natural gas
fueling infrastructure loan, the council shall consider whether:
(i) The geographic area in which the proposed natural
gas fueling infrastructure will be located is currently served
by existing natural gas fueling infrastructure; and
(ii) The location of the proposed natural gas fueling
infrastructure has a significant number of government or private
fleet vehicles with the potential to convert to natural gas.
(j) Any business may apply to the council for a contract
financing loan as defined in W.S. 9-12-301(a)(xi). The council
shall prescribe the form and contents of the application. The
council shall review each application and make a determination
as soon as practicable. In the event of a default, the state
shall have priority over any claim of the business receiving the
contract financing loan. The council shall not issue a loan
under this subsection unless the business agrees to assign the
proceeds of a contract to the council as collateral for the
loan. The council shall not issue a loan under this subsection
unless the business provides not less than two (2) letters from
financial institutions denying an application or request for
financing. Upon completion of the contract, the council shall
retain sufficient proceeds of the contract used as collateral to
retire the loan and any outstanding interest and shall remit any
remaining proceeds to the business. All loans issued under this
subsection shall not exceed one million dollars ($1,000,000.00)
in the aggregate at any one (1) time. In evaluating applications
for a contract financing loan under this subsection, the council
shall consider whether the contract to be used as collateral
will have sufficient proceeds to pay off the loan balance and
the likelihood of the successful completion of the contract.
(k) Any business or person seeking to purchase a business
may apply to the council for a succession financing loan as
defined in W.S. 9-12-301(a)(xii). The council shall prescribe
the form and contents of the application. The council shall
review each application and make a determination as soon as
practicable. The council shall participate with a lending
institution to make a succession financing loan to a business
under this subsection, provided that the participation rate of
the council shall not exceed fifty percent (50%) of the total
loan amount. The interest of the state and the lending
institution shall have priority over any claim of the business
receiving the succession financing loan or any other third
party. The council shall not issue a loan under this subsection
unless the business to be purchased and for which the loan is
issued has been in operation for not less than seven (7) years
directly proceeding the application for a loan. The council may
require the person or business seeking the loan to pledge
revenues from the business as collateral for the loan or for the
repayment of the loan. In evaluating applications for a
succession financing loan under this subsection, the council
shall consider the financial health of the business and the
person seeking to purchase the business, including whether the
business will generate sufficient revenues to repay the loan.