Search News Posts

  • General Inquiries: (441) 292-5570

Home

About Us

About Us
About Us

The Bermuda Economic Development Corporation (BEDC) was established in 1980 as the Bermuda Small Business Development Corporation. This joint venture between Bermuda’s banks and the Government was formed to actively assist the development of a strong, well managed and prosperous small business sector in Bermuda.  In 2011, the BSBDC Act was amended to expand its remit.   As a result the BSBDC changed its name to BEDC to encompass its expanded legislation.   Under the new legislation the Corporation performs the following functions:

  • 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,
A little history…

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 counseled 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.

Mission & Vision

Our Vision
BEDC’s Vision is to help to create an expanded pool of inspired entrepreneurs running successful businesses that fuel Bermuda’s economy.

Mission
The Bermuda Economic Development Corporation’s mission is “to inspire, inform, support and grow new and existing Bermuda businesses through education, guidance, data provision, advocacy, networking and financing”.
Our Core Values:

Knowledgeable, Progressive, Supportive, Professional, Innovative

Commitment to Your Success

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.

Discover Our Services
• General Business and Technical Advice
• Multi-Week Entrepreneurship Educational Courses
• Quarterly Industry Related Seminars
• Lunch & Learns
• Loan Guarantee Programme
• Economic Empowerment Zone (EEZ)
• Micro Loans
• Vendor Licensing and Management

SUCCESS STORIES

“BEDC has been instrumental in providing guidance at an early stage in our development in addition to providing loan guarantees that have been critical in securing necessary financial resources.” Read more

avatar

Dr. Royland Samms

Atlantic Vision Care

“BEDC was very instrumental in the planning stages of our business. The staff listened to our “dreams” – at that stage- and assisted us in putting them into a business plan. They were there to offer advice, and are still there, should we have any questions. They have arranged some very useful workshops and network sessions.” Read more.

avatar

Mrs. Sheryl Martins

Caesar’s Pharmacy

“BEDC has provided me with business advice and resources, and has helped me to get the financial support for starting up my nurseries.” Read more.

avatar

Julieanne Pitt

First Fruits Daycare/Nursery

“BEDC was instrumental in guaranteeing a loan, which made it possible for me to get my business off the ground.” Read more.

avatar

Linda Horton

Horton's Original Bermuda Black Rum Cakes

“BEDC assisted with my company loan, my business plan and with recommending my services to other clients. They helped me increase my business from 5 clients to over 50 and from one vehicle to five.” Read more.

avatar

Gailya Ratteray

Pepto on the Run Messenger Service

“The BEDC provided the financial security required to obtain the initial loan to open my dental office. From that time the loan has been repaid and our office has grown. I am thankful that they trusted and believed in my goal sufficiently to invest in my future.” Read more.

avatar

Dr. Jewel Landy

Smiles By Landy