085-2 Wyo. Code R. §§ 2-6 - Terms, Conditions, and Repayment

a. In making loans, the Board of Directors shall:

(i) establish for recovery of filing fees and other administrative fees at cost, which are required for the perfection of security interests;

(ii) set an interest rate (minimum 4% per annum) after considering:

A. the availability, likelihood of receipt, and the pledging of potential federal grants and/or loans, and insurance and legal proceeding proceeds, if any, for the immediate repayment of the Economic Disaster Loan, to the extent proceeds are available;

B. the extent of the Borrower's financial assets which could be used to meet its financial needs.

C. the extent of the verified uninsured economic disaster loss and the financial needs of the potential Borrower;

D. the proposed use of funds;

E. other interest rates associated with Borrowers existing indebtedness;

F. projected cash flows and repayment plan of the Borrower;

G. credit risk of the Borrower;

H. current and projected market interest rates;

I. collateral and security package;

J. personal guarantee(s) with a blanket lien;

K. whether the event was beyond the control of the Business or the result of poor management decisions and planning; and

L. the availability of a non-judicial foreclosure agreement with the Borrower's existing lenders.

(iii) establish the terms of repayment, not to exceed ten (10) years;

(iv) establish other terms and conditions determined to be necessary by the Board of Directors, as well as other customary and prudent terms and conditions, negative and affirmative covenants, cross-default, conditions precedent, security agreements, etc.;

(v) require written permission from the Borrower agreeing to allow the Department of Audit and an auditor designated by the Board of Directors to examine its books and records, upon request; and

(vi) require all statutory requirements regarding the loan be met.

Notes

085-2 Wyo. Code R. §§ 2-6