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Trenval Business Development Corporation held its Annual General Meeting reporting on its 33rd year supporting local business and community organizations.
The 2019-2020 AGM seen Adam Hannafin of Tyendinaga Township retire from the board after three years, the last year as Chair. Trenval welcomes Joanna March as the first female Chair of the Board. March is a long time local volunteer with organizations such as Quinte Health Care, VON and Trenton Military Family Resource Centre.
Trenval and the Small Business Centre assisted 267 businesses in the last year, providing $3,191,388 in loans, $775,250 in grants through various programs, which leveraged an additional $8,119,986. 671 jobs were impacted in the Bay of Quinte Area through loans, grants and advisory services with the two organizations. “I’m very proud to release these results and compliment the staff and the Board of Directors on all the hard work and commitment to the local business community”, said Amber Darling, Executive Director.
Part of the recent lending activity has been related to the COVID-19 Regional Relief and Recovery Fund (RRRF). This funding along with Trenval’s first response in mid March has put $1.25 million to assist local businesses adapt to the new landscape . “Trenval will continue to support businesses in any way we can during these challenging times including a recent reduction in interest rates and patient repayment plans for all existing clients”, commented new Chair, Joanna March.
Since inception, the volunteer board of directors has governed the organization and impacted more than 4,500 jobs through the investment fund with a further 3,000 jobs through advisory services. The federally funded organization has invested over $38 million dollars via 910 loan since 1987. Trenval is also the managing partner of the Small Business Centre, which is Provincially funded, on behalf of the City of Belleville.
To download the full report please click here