Wyo. Code R. 085-0017-4
Effective Date: 08/19/2022 to Current
Rule Type: Current Rules & Regulations
Reference Number: 085.0017.4.08192022
(a) Any business or group of businesses may apply to the Council for designation of an area of the state as an area in which an economic disaster as defined in W.S. 9-12-301(a)(v) has occurred, through the submission of an application to the Council, as defined by legislation. Only complete applications shall be submitted to the Council.
(b) Any business which has been directly impacted in the form of lost revenues, by an economic disaster, as determined by the Council to have occurred in Wyoming, may apply for an Economic Disaster Loan, through the submission of an application to the Council or its Servicing agent, as defined by legislation. Only complete applications shall be submitted to the Council.
(c) 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.
(d) In addition to the requirements of Chapter 1, Section 5, every application shall include:
(i) A detailed description of the economic disaster event which has occurred, which has resulted in lost revenues to directly affected Businesses;
(ii) Documentation that substantiates the applicant's lost revenue, the geographic area in which the economic disaster occurred, and that the event was not within the control of the affected businesses;
(iii) A statement that such funds for the Economic disaster loan are not available from the private-sector at a like term and interest rate;
(iv) A credit report and personal reference letter from financial institution of borrower;
(v) Commitment from a financial institution to renew the operating line of credit or other debt instrument associated with the borrower for a minimum of one (1) year following the closing of the economic disaster loan;
(vi) Documentation establishing the terms of repayment, not to exceed 10 years; and (vii) Documentation establishing other terms and conditions determined to be necessary by the Board of Directors, including as well as other customary and prudent terms and conditions, negative and affirmative covenants, cross-default, conditions precedent, security.