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Loans available for organizations hurt by armyworms

By THOMAS ADAMS - 10/12/2012 3:39:49 PM

Disaster relief loans are available to small businesses, agricultural co-ops and most private non-profit organizations in the Rochester region affected by the weather-related outbreak of armyworms in May, the U.S. Small Business Administration announced Friday.

The disaster declaration includes Monroe, Genesee, Livingston, Ontario, Orleans, Wayne and 25 other New York counties, SBA officials said. Loans can be as much as $2 million. Interest rates are 4 percent for small businesses and 3 percent for non-profits, with terms as long as 30 years.

Eligibility is determined by the SBA based on the size of the applicant, the type of activity and the SBA’s financial resources, officials said. The SBA also determines the amounts and terms of its loans, based on the financial condition of the applicant.

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