Section 3-4 - Review and Recommendation a. Completed applications shall be reviewed by Council staff to determine eligibility, completeness, and credit-worthiness.
b. Applications that are determined by Council staff to be incomplete shall be provided an explanation of the findings in writing within fifteen (15) working days of their receipt where practical.
c. Council staff will formulate a recommendation for complete applications to the Board of Directors utilizing the criteria in W.S. 9-12-303 and 9-12-304. - (i) to include:
- A. if the total 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;
- B. if there are sufficient funds in the economic development enterprise account to fully fund it and all other outstanding commitments and loans;
- C. if the loan guarantee provided by the state is adequately collateralized by the originating bank and further secured by the personal guarantee of the owners of the business. The adequacy of the collateral and personal guarantees shall be determined by the Council staff;
- D. if there is no more than one (1) guarantee issued and outstanding per business at any time;
- (ii) and will also take into consideration the following additional criteria:
- A. if all appropriate legal documents are executed;
- B. if the Board of Directors has taken into consideration that the loan guarantee does not cause unfair competition with existing businesses in the area;
- C. if the Board of Directors has taken into consideration that the loan guarantee does not cause unfair competition with existing lenders in the area; and
- D. Applicants shall be notified of the time and place of the Board of Directors meeting at which time their application will be evaluated.
- E. At the meeting, the Board of Directors shall consider each application, allowing for comments from the applicant and Council staff. The Board of Directors will then approve or deny each application subject to the terms and conditions considered necessary by the Board of Directors. In the event the application is denied the Board of Directors will disclose to the applicant the reason for denial in writing and any remedial steps for the application to be reconsidered.