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Applying for the Covid-19 Business Continuity Finding Programme

Applying for the Covid-19 Business Continuity Finding Programme

About the Covid-19 Business Continuity & Sustainability Funding Programme

This Business Sustainability & Continuity Funding Programme is one of BEDC’ s key business financing tools created in response to the significant impact of Covid-19 on Bermuda ’ s local small and medium-sized businesses. The Bermuda Government, BEDC’ s Board of Directors, and BEDC recognize the economic impact Covid-19 has had with local businesses, and in response, has developed this additional funding programme.

This streamlined funding programme totals $24M consisting of $12M in aid from the Bermuda Government and $12M within BEDC’ s existing guarantee capacity. The funding programme is designed to assist as many viable local businesses as possible to tread water and stay afloat, while our Island perseveres through the State of Emergency; Shelter in Place; and Social Distancing requirements necessary to contain the spread of Covid-19 throughout the Island.

Understanding BEDC's Covid-19 Business Continuity & Sustainability Funding Programme

The Details – Covid-19 Business Continuity & Sustainability Funding Programme

Who Can Apply?

Funds have been allocated to provide support to general business owners; existing clients who have BEDC products, and new clients seeking financial support.

What You'll Need - Covid-19 Funding Programme Checklist

Please ensure that you have reviewed the checklist below and have all the necessary information needed to apply.

Please complete and compile all information below, BEFORE filling out the application.

  • Personal Financial Statement – Personal financial details of each owner of the business. Please fill out and submit the templates below for each owner of the business.
  • Bank Statements – Client to supply 3 months of bank statements if the business is established. If there are no historical financials then 12 months of bank statements are required.
  • Financial Information/Cash Flow Statement – Client required to submit at least the last 6 months of financial information if an existing business younger than 12 months old. Client required to submit at least 1 year of historical financial statements if business older than 12 months. All clients are required to submit 12 months of Cash Flow Projections. Please fill out the template below.
  • Business Plan or at minimum Business Profile – Clients must provide information about the history and future of the business on a prepared template. Clients are also asked to provide any signed contracts and/or agreements to support the loan amount. Please fill out the template below.
  • Payroll Tax – Clients are required to submit copies of the last 2 payroll tax filings to confirm size of business and that business is current with payroll tax or that there is confirmation of an agreed payment plan in place. Please also advise if the business has asked for a delay, deferral, or waiver before and/or after April 30th, 2020.
  • Social Insurance – Clients are required to submit confirmation that business is current with social insurance or that there is an agreed payment plan in place. Please also advise if the business has applied for suspension of social insurance contributions for employees not working during Covid-19. Please advise if the business has asked for a delay, deferral, or waiver before and/or after April 30th, 2020.
  • Pension – Please advise if the business owner has applied for any of the hardship provisions from their private pension and/or for the 2% each agreed reduction in the pension contributions for employer and employee.
  • Unemployment Benefit – Please advise if your business has applied for the Covid-19 Unemployment Benefit for their employees. If so, please advise if successful and for how many employees.
  • Identification – Clients are required to demonstrate that the applicant is Bermudian. Applicants must submit a copy/image of their ID for confirmation. If non-Bermudian is a partner, the Bermudian must hold the controlling interest and a copy of the partnership agreement must be submitted.
  • LTDs and LLCs – If the business is an LTD or an LLC, applicants must submit a Memorandum of Association (MoA), an up to date copy of the Register of Members and an up to date copy of the Register of Directors. The MoA is submitted to confirm that the company has all the powers of a natural person.
  • Subsidiaries and Holding Companies – All Subsidiaries and Holding Companies that would like to apply must submit a copy of the organisational structure chart to identify the ultimate beneficial owners of the company (i.e. the owners of the ultimate parent company). They must also submit Personal Financial Statements from the Directors of the applicant company.

How Do I Apply?

1: Register Your Business

Visit the BEDC Member Registration page to fill out your business profile. Completing this form to the best of your ability will help us to better service your needs.

2: Submit Business Profile

Submit your Business Profile. Once you hit submit, one of our officers will vet your information and add it to our register. You will then be given your BEDC Member #, Business Register #, Vending License # (if applicable). This can take up to 2 business days.

3: Log In to Portal

Once you have received your BEDC Member #, Business Register #, and Vending License # (if applicable), please take a moment to log in to your new BEDC Member Account via the BEDC Member Portal. You can now apply for BEDC products & access our resources.

3: Submit Application

Navigate to the Covid-19 BCSF Micro Loan Form in the BEDC Member Portal. Fill out the application form, supplying us with all information and documents required. Before beginning your application, please take note of the product checklist that outlines all information needed in order to process your application.

4: Processing Application

Once your application is submitted, it will be reviewed by our administration team for completeness and then forwarded on to an officer for processing. At this time the officer assigned to your case may ask you to provide further details or clarification in reference to your application.

5: Application Approval

After your application has been processed, it will be submitted for approval. If your application is approved you will be notified, the product will be issued to your account and funds will be disbursed (if applicable).

*Applications will be processed within 10-15 business days of BEDC receiving of ALL necessary information and requirements.