Trenval Business Development Corporation Business Booster
$50,000.00
Loan
Description:
Trenval’s Business Booster provides existing businesses with financial contributions (low-interest loans) to support existing businesses with stability and growth opportunities that will build resiliency, bolster sales and revitalize our local economy.
Comments on Funding:
Funding is a loan of up to $50,000:
– Interest rate starting at Canada Prime +2%.
Continuous Intake
Eligibility:
Applicants must:
1. be existing businesses located within the catchment area of the City of Belleville, City of Quinte West, Tyendinaga Township, StirlingRawdon, Deseronto or Tyendinaga Mohawks of the Bay of Quinte;
2. be a Canadian or provincially incorporated business or registered sole-proprietorship/partnership;
3. have current and up to date Canada Revenue Agency and Receiver General (if existing business).
Application Steps:
Applicants must:
1. complete the Application Form and Click Apply Now;
2. Submit the Application Form along with the required attachments to
Eileen Brown, Business and Loan Advisor ebrown@trenval.ca;
3 Successful applicants will enter into a loan agreement including required security documentation. Electronic signatures are acceptable for applications. Applicants may need to meet with Trenval’s Investment Committee.
Documentation Needed:
Applicants must provide:
1. Completed application;
2. Financial statements for the last two years for existing businesses;
3. Interim, internally prepared statements for past 6-months and to current date;
4. Cash flow forecast statement for two to three years;
5. Identification – 2 pieces;
6. Documents supporting the amount requested;
7. 2-page summary of business operations and plan to grow your business with this funding for existing
businesses; business plan for new business start-ups (less than 2 years in business).
Other Things to Note:
Business Booster, launched January 4, 2022, extended until March 31, 2025;
About the author
Maurice
