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Disaster loans available for those hit by drought

By THOMAS ADAMS - 10/29/2012 3:30:58 PM

Federal disaster loans are available to small businesses, small agricultural cooperatives and private non-profits in Rochester-area counties affected by the summer’s drought and heat, the U.S. Small Business Administration announced Monday.

Small businesses engaged in aquaculture also are eligible, SBA officials said.

The disaster declaration includes 50 New York counties, including Monroe, Genesee, Livingston, Ontario, Orleans and Wayne counties, officials said.

The loan amount can be up to $2 million, with interest rates of 3 percent for qualifying non-profits and 4 percent for small businesses, officials said. Terms are as long as 30 years.

The SBA will determine eligibility based on the size of the applicant, the type of activity and the applicant’s financial resources, officials said. Loan amounts and terms will be gauged on an applicant’s financial condition.

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