9-2-2611.

9-2-2611.

9-2-2611. Priority economic sector business workforce training programs; eligibility.

(a) The department, in consultation with the coordinator of economic diversification shall administer the Wyoming workforce development-priority economic sector partnership program. Using available monies within the Wyoming workforce development-priority economic sector partnership subaccount, the department may contract to provide training funds for education or skills based training for employees for priority economic sector businesses in new jobs. The funds shall be provided to eligible training providers in accordance with contracts between the department, priority economic sector business employers and eligible training providers, for the purpose of providing employees with education and training required for jobs in new or expanding priority economic sector businesses in the state.

(b) To be eligible for funding under the Wyoming employer-workforce partnership program, an applicant shall demonstrate that it is a priority economic sector business.

(c) An applicant shall provide a match of at least one dollar ($1.00) for every one dollar ($1.00) requested from the subaccount. The match may include new loans and investments and expenditures for direct project related costs such as new equipment and buildings. The department may consider recent purchases of fixed assets directly related to the proposal on a case-by-case basis. A purchase of fixed assets directly related to the proposed training activities that have been made within ninety (90) days after submission of the application may be considered eligible by the department.

(d) Except as provided in subsection (e) of this section, funding provided under this section may not exceed five thousand dollars ($5,000.00) for each full-time position and two thousand five hundred dollars ($2,500.00) for each part-time position for which an employee is being trained. Funding may be provided only for a new job that has an average weekly wage that meets or exceeds the current average weekly wage of the county in which the employees are to be principally employed, provided minimum wage requirements are met. The department may consider the value of employee benefits in calculating the expected annual wage.

(e) The department may, in exceptional circumstances, consider a higher funding ceiling for jobs that will pay high wages and benefits if the need for higher training costs is documented in the application.

(f) Funding under this section shall be proportional to the number of jobs provided, the expected average annual wage of all jobs provided, and the underlying economic indicators of the region where the majority of the jobs will be created.

(g) Funding ceilings shall be determined by the availability of funding, the cost for each job and the quality of the priority economic sector business proposal.

(h) The funding application, at a minimum, shall contain:

(i) A business plan containing information that is sufficient for the department to obtain an adequate understanding of the business to be assisted, including the products or services offered, estimated market potential, management experience of principals, current financial position, and details of the proposed venture. In lieu of a business plan, the department may consider a copy of the current loan application to entities such as the federal business and industry guarantee program or the small business administration;

(ii) Financial statements and projections for the two (2) most recent years of operation and projections for each of the two (2) years following the distribution of funds, including but not limited to balance sheets, profit and loss statements, and cash flow statements. A business operating for less than two (2) years shall provide all available financial statements. Information provided under this paragraph shall be considered confidential and not subject to inspection as provided by W.S.