Hamilton, Bermuda 3 May 2023 – The Bermuda Economic Development Corporation (BEDC) announced today that it has entered multi-year partnership with the Global Atlantic Re foundation to provide BEDC Program participants with capital grants totaling $150,000 a year. These grants will be issued every other year and will help to fuel the growth and success of small businesses throughout Bermuda. The funds will be disbursed at a pitch competition to be held in September.
BEDC has been committed to supporting the growth and development of small businesses in Bermuda for the past 43 years. During this time, the BEDC has helped to launch countless successful businesses and provided training, mentorship, and networking opportunities to entrepreneurs.
One of the key successes of the BEDC has been promoting diversity and inclusion in entrepreneurship. BEDC has worked to ensure that all entrepreneurs, regardless of their background, have access to the resources they need to succeed. This has helped to create a thriving and dynamic small business ecosystem in Bermuda that is inclusive, innovative, and supportive.
Speaking at the press conference, Jache Adams, the Chairman of the Board of the BEDC, expressed his support for the new partnership. “This partnership is a significant milestone for the BEDC and represents a commitment to support economic development in Bermuda,” he said. “The Global Atlantic Re foundation will provide grants to BEDC program participants, and we are excited about the opportunities this will create for entrepreneurs and small businesses.”
Partnerships like the one BEDC has entered with the Global Atlantic Re foundation are critical to the success of BEDC and the small businesses it serves. Erica Smith, Executive Director of the BEDC had this to say about the partnership, “This support will help to fuel the growth and success of small businesses throughout Bermuda, providing much-needed capital to help businesses expand, hire more employees, and contribute to the local economy.”
“The ability to help entrepreneurs realize their full potential holds special meaning for Global Atlantic,” said Darryl Herrick, President of Global Atlantic Re. “We are looking forward to our long- term partnership with the BEDC and the opportunity to meet, evaluate and support some of the island’s brightest business minds and innovators.”
The pitch competition to be held in September will allow entrepreneurs to showcase their businesses and pitch their ideas to a panel of judges. The winners will receive capital grants from the Global Atlantic Re Foundation, which will help them to take their businesses to the next level.
This September’s pitch competition will have the outcome of awarding five entrepreneurs up to $25,000 each, as follows:
- 3 local companies in any industry;
- 1 youth entrepreneur (ages 13 – 22); and
- 1 People’s Choice Award that the public will be able to vote on.
This partnership and pitch competition is an exciting opportunity for entrepreneurs to showcase their ideas and get the funding they need to grow their businesses. BEDC and the Global Atlantic Re foundation encourage all entrepreneurs in Bermuda to apply for this opportunity and look forward to seeing the amazing ideas and businesses that emerge from this competition.
For more information on the BEDC and the pitch competition, please visit www.bedc.bm.
The Bermuda Economic Development Corporation (BEDC) is Bermuda’s source of free, confidential business advice. The mission is to actively assist the development of a strong, well-managed and prosperous local business sector in Bermuda. The key objective of the BEDC remains providing a broad range of business advice, counsel and financial assistance to local businesses in Bermuda.