Wisconsin Statutes Authorities and Public Corporations (Ch. 231 to 235) § 234.67. Recycling loan guarantees

(am) “Diaper service” means a business that supplies and launders cloth diapers.

(c) “Guaranteed loan” means a loan on which the authority guarantees collection under sub. (3).

(e) “Participating lender” means a bank, credit union, savings bank, savings and loan association or other person, who makes loans for working capital or to finance physical plant needs, equipment or machinery and who has entered into an agreement with the authority under s. 234.93(2)(a).

(f) “Percentage of guarantee” means the percentage established by the authority under sub. (3).

(g) “Postconsumer waste” has the meaning given in s. 287.01(7).

(h) “Security interest” means an interest in property or other assets that secures payment or other performance of a guaranteed loan.

(a) The loan is made to do one of the following:

(b) The rate of interest on the loan, including any origination fees or other charges, is fixed at a rate determined by the participating lender and approved by the authority.

(c) The total principal amount of all loans to the borrower that are guaranteed under this section will not exceed $750,000.

(e) The participating lender obtains a security interest in physical plant, equipment, machinery or other assets.

(f) The loan term does not extend beyond 15 years after the date that the participating lender disburses the loan unless the loan is extended by the authority.

(g) The proceeds of the loan are not applied to the outstanding balance of any other loan.

(i) The borrower does not meet the participating lender's minimum standards of creditworthiness to receive a loan for the purposes described in par. (a) in the normal course of the participating lender's business.

(j) The participating lender considers the borrower's assets, cash flow and managerial ability sufficient to preclude voluntary or involuntary liquidation for the loan term granted by the participating lender.

(k) The participating lender agrees to the percentage of guarantee established for the loan by the authority.