SF0125 - Wyoming market research and incentive loan program.

 

2001

State of Wyoming

01LSO-0441

 

 

 

SENATE FILE NO.  SF0125

 

 

Wyoming market research and incentive loan program.

 

Sponsored by:  Senator(s) Coe, Devin and Hawks and
Representative(s) Illoway, Law and Stafford

 

 

A BILL

 

for

 

 1  AN ACT relating to the Wyoming market research and
 2  incentive loan program; creating the program within the
 3  Wyoming business council as specified; providing for
 4  application for and award of loans under the program;
 5  specifying other requirements; providing duties of the
 6  Wyoming business council; authorizing market research and
 7  incentive loans under the Wyoming partnership challenge
 8  loan program; providing an appropriation; and providing for
 9  an effective date.

10 

11  Be It Enacted by the Legislature of the State of Wyoming:

12 

13         Section 1.  W.S. 9-12-501 through 9-12-503 are created
14  to read:

15 

16                            ARTICLE 5

 

Page  1

 

 

 

 1            MARKET RESEARCH AND INCENTIVE LOAN PROGRAM

 2 

 3         9-12-501.  Market research and incentive loan program;
 4  creation; administration; rulemaking; definition.

 5 

 6         (a)  The council shall establish and administer a
 7  market research and incentive loan program under this
 8  article. Loans authorized under the program shall be
 9  limited to community development organizations and state
10  development organizations and made in accordance with the
11  provisions of the Wyoming partnership challenge loan
12  program, W.S. 9-12-301 et seq. Any community development
13  organization or state development organization may submit
14  an application to the council to participate in the program
15  on forms prescribed by and subject to rules promulgated by
16  the council.

17 

18         (b)  For purposes of this article "business" is
19  defined as provided in W.S. 9-12-301(a)(i).

20 

21         9-12-502.  Application for loan; award; other
22  requirements.

23 

 

Page  2

 

 

 

 1         (a)  A business may apply for a loan from the program
 2  in accordance with the requirements established by the
 3  council.

 4 

 5         (b)  A loan may be awarded for up to three (3) years
 6  to a business whose application has been approved as
 7  follows:

 8 

 9              (i)  For the first year, up to eighty percent
10  (80%) of the cost of meeting the marketing needs analysis
11  conducted as provided in W.S. 9-12-503(a)(iii) including,
12  but not limited to, attendance at trade shows, advertising,
13  and improvements to company brochures and articles;

14 

15              (ii)  For the second year, sixty percent (60%) of
16  the cost under paragraph (i) of this subsection; and

17 

18              (iii)  For the third year, thirty-three percent
19  (33%) of the cost under paragraph (i) of this subsection.

20 

21         (c)  After completion of the program, the council
22  shall continue to notify the business of potential new
23  markets as they arise.

24 

 

Page  3

 

 

 

 1         (d)  While participating in the program and for three
 2  (3) years following completion of the program, the business
 3  shall report annually to the council the results of the
 4  program in terms of increased sales by the business
 5  attributable to the program.

 6 

 7         9-12-503.  Council duties.

 8 

 9         (a)  The council shall:

10 

11              (i)  Conduct statewide, regional, national and
12  international market research for businesses to identify
13  new markets and develop strategies for businesses to enter
14  newly identified markets. The council shall develop and
15  maintain a database of Wyoming businesses and daily match
16  market research with businesses in the database and notify
17  them of opportunities;

18 

19              (ii)  Conduct feasibility studies including, but
20  not limited to, market and financial analyses on value
21  added projects. When the council determines a project is
22  feasible, the council shall assist the business in locating
23  potential investors or financing for the project, or both;
24  and

 

Page  4

 

 

 

 1 

 2              (iii)  Make site visits to businesses and perform
 3  marketing needs analyses and make recommendations
 4  including, but not limited to, trade shows to attend,
 5  publications in which to advertise and collateral marketing
 6  materials. The council shall develop an annual budget for
 7  the business to accomplish the recommendations.

 8 

 9         (b)  The council annually shall report in writing to
10  the legislature on the results of the program including,
11  but not limited to, the businesses assisted under the
12  program, the types of assistance provided to each, the cost
13  to the state of the assistance and any increase in sales of
14  the business attributable to the program. On or before
15  October 1, 2004, the council shall provide to the
16  legislature a comprehensive written evaluation of the
17  program.

18 

19         (c)  In order to create a trained pool of marketing
20  employees for Wyoming businesses, the council shall seek
21  the assistance of and use marketing students from the
22  University of Wyoming and Wyoming community colleges in
23  implementing the program.

24 

 

Page  5

 

 

 

 1         Section 2.  W.S. 9-12-102(a)(viii) and 9-12-304(a)(ii)
 2  are amended to read:

 3 

 4         9-12-102.  Definitions.

 5 

 6         (a)  As used in this act, the following terms have the
 7  following meanings, except where the context clearly
 8  indicates otherwise:

 9 

10              (viii)  "This act" means W.S. 9-12-101 through
11  9-12-401 9-12-503.

12 

13         9-12-304.  Criteria for loans.

14 

15         (a)  Except as otherwise provided under W.S.
16  9-12-304(c), loans under this article may only be made by
17  the council to community development organizations and
18  state development organizations which meet the following
19  eligibility criteria:

20 

21              (ii)  The community development organization or
22  state development organization will consolidate the loan it
23  receives under this article and its required contribution
24  under paragraph (i) of this subsection and make loans to

Page  6

 

 

 

 1  Wyoming businesses under this article and the market
 2  research and incentive loan program, W.S. 9-12-501 through
 3  9-12-503, and investments in support of Wyoming businesses,
 4  such as infrastructure construction loans and occupational
 5  training loans;

 6 

 7         Section 3.  For the fiscal year beginning July 1, 2001
 8  and ending June 30, 2002, there is appropriated to the
 9  Wyoming business council as provided in this section seven
10  hundred fifty thousand dollars ($750,000.00) and three (3)
11  full-time positions to implement the program created by
12  this act. Five hundred thousand dollars ($500,000.00) of
13  the total shall be appropriated from the economic
14  development account to provide loans under this act to no
15  more than twenty (20) businesses during fiscal year
16  2001-2002. The remaining two hundred fifty thousand dollars
17  ($250,000.00) of the total shall be appropriated from the
18  general fund to pay salaries, benefits and support services
19  for the full-time positions created by this section. The
20  Wyoming business council shall consult with organizations
21  representing Wyoming manufacturers in filling each of the
22  positions created by this section.

23 

 

Page  7

 

 

 

 1         Section 4.  This act is effective July 1, 2001.

 2 

 3                         (END)

 

Page  8