Wyo. Code R. 085-0017-5
Effective Date: 08/19/2022 to Current
Rule Type: Current Rules & Regulations
Reference Number: 085.0017.5.08192022
(a) The maximum loan amount of loans made under this Chapter of these Rules shall be two hundred thousand dollars ($200,000.00);
(b) There may be no more than one million dollars ($1,000,000.00) in total obligations in the Wyoming Partnership Challenge Loan Program loan portfolio at any given time;
(c) A borrower under the Wyoming Partnership Challenge Loan Program shall contribute no less than ten percent (10%) of the total cost to acquire the raw material(s) used in the contract;
(d) The borrower shall have no other available assets to collateralize the loan request;
(e) The borrower must acquire and produce with its applications no less than two (2) denial letters from financial institutions;
(f) The Wyoming Business Council shall be listed as a co-payee on the contract alongside the borrower;
(g) The maximum loan term of a loan made under this Chapter of these Rules is two (2) years, unless this provision is specifically waived by a motion of the Board of Directors in a public meeting and a new loan term is established in writing;
(h) Interest shall accrue from the date of loan origination; and
(i) Upon payment of the contract from the payor, borrower shall pay off all principal and accrued interest within fifteen (15) calendar days.