Section 4-4 - 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 loan amount to a commercial lender applying for "Wyoming main street loan participation" does not exceed 75% of the total loan amount or one hundred thousand dollars ($100,000.00) 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; and
- C. if funds provided by the state are adequately collateralized. The adequacy of the collateral shall be determined by the Council staff at no more than 85% loan to value;
- (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 Third-party loan does not cause unfair competition with existing businesses in the area;
- C. if the Board of Directors has taken into consideration that the Third-party loan 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.