The Government of Bermuda is deeply committed to fostering entrepreneurship and supporting small and medium-sized businesses, which is vital for driving economic growth and job creation. Through the Bermuda Economic Development Corporation (BEDC), the Government has implemented various initiatives to empower local entrepreneurs and enhance the business environment. This year, the Government allocated over $2.2 million to support Bermuda's entrepreneurial ecosystem.
The BEDC supports new and existing businesses with education, guidance, advocacy, networking, and financing. Last year, the BEDC conducted over 625 client meetings, providing tailored and confidential business advice, and it received a 92% satisfaction rating from exit surveys. Additionally, 290 business visits were conducted within the Economic Empowerment Zones (EEZs), leading to the opening of 12 new businesses and creating 21 jobs. These efforts underscore the Government's dedication to nurturing local enterprises and promoting connectivity within the community.
Financially, BEDC approved 24 microloans and loan guarantees, disbursing $687K to local Micro, Small, and Medium-Sized Enterprises (MSMEs). This funding was crucial for business startup and expansion. BEDC also managed to maintain financial stability, with 733 payments received on microloans and interest totalling $531K, including 35 business owners who fully paid off their loans.
Looking ahead, the Government is focusing on key projects linked to the Economic Development Strategy to further enhance economic benefits. These initiatives include producing a National Entrepreneurship Strategy for Bermuda. The BEDC has already commenced on the journey to develop Bermuda's first National Entrepreneurship Strategy. This strategy aims to create a vibrant small and medium-sized business sector and establish a systemic approach to supporting entrepreneurship.
BEDC is also tasked with creating a cooperative business ecosystem in Bermuda. After developing a cooperative legislation policy document vetted by key stakeholders and the International Labour Organization, BEDC will advance cooperative legislation, creating space for people-centred businesses to grow and thrive.
Additionally, in acknowledging the complexities of starting a business in Bermuda, the BEDC plans to improve its Business Register and streamline the registration process with assistance from UN Trade and Development (UNCTAD) and the Government.
Minister of Economy and Labour Jason Hayward explained, " These initiatives highlight the Government of Bermuda's unwavering commitment to fostering a conducive environment for entrepreneurship and ensuring the growth and prosperity of small and medium-sized businesses in the region. While BEDC is a relatively small organisation, it widely impacts Bermuda's entrepreneurial ecosystem. By implementing strategic policies and fostering collaborations with international organisations, Bermuda strengthens its foundation of sustainable economic growth and opportunities for all. The continuous efforts to empower local enterprises will undoubtedly pave the way for a prosperous future, ensuring that entrepreneurship remains a vital driver of the island's economic resilience and social cohesion."