• the granting of loans or other forms of financial assistance, to assist persons in establishing, carrying on or expanding small businesses, medium-sized businesses and entities within economic empowerment zones;
• the provision of technical advice or assistance to persons who are seeking or who are granted financial assistance;
• to operate and manage markets;
• to oversee and manage the development and implementation of the economic empowerment zones; and
• the maintenance of a Register of Small Businesses, Medium-Sized Businesses and Economic Empowerment Zone Business Entities,

Since it was established in 1980, Bermuda Economic Development Corporation (BEDC) has provided existing and potential small business owners with a broad range of business advice and financial assistance.

During its first decade of operation, the BEDC provided general start-up guidance, bookkeeping advice and loan guarantees that served as collateral for bank loans for persons who may have otherwise been declined by a Bank. In the early nineties, as the small business landscape changed and grew from “mom and pop operations” to employing more persons, competition grew, and market demands became more complex. BEDC began to offer low cost quarterly seminars and workshops to enable entrepreneurs to educate themselves on relevant topics such as managing cashflow; controlling expenses and overhead; and developing marketing plans and communication strategies.

Over the years BEDC has counselled thousands of Bermudians on starting, expanding, winding up, restructuring, buying, and/or selling a business. BEDC officers meet with hundreds of individuals annually seeking business planning and management advice. These advisory meetings are individual business coaching sessions generally lasting 60 minutes and are offered free of charge to the public. In many cases, they end in the production of a business plan or on occasion the granting of one of BEDC’s financial products used to start a new business. BEDC has supported in excess of $20,000,000 (twenty million dollars) in bank loans through the Loan Guarantee Programme, directly assisting close to four hundred business persons.

BEDC is Bermuda’s source of free, confidential business advice with a singular focus to actively assist the development of a strong, well-managed, and prosperous local business sector in Bermuda. The organisation’s key objective remains to assist the Government in encouraging economic growth for Bermuda’s local small and medium sized businesses.

Statement of Purpose

The maintenance of a strong and vibrant small business sector is critical for a successful economy in any country. This sector is a significant employer of Bermuda’s population and a primary driver of innovation and creativity in the provision of goods and services. Thus, for Bermuda to maintain its position as an innovative and successful business jurisdiction, it is vital for the island’s economy to be supported and cultivated. The BEDC prides itself in serving that purpose.