In support of the Government of Bermuda’s social agenda, the Bermuda Economic Development Corporation (BEDC) created a Small Business Construction Incubator (SBCI) for small construction contractors. The primary goal of this initiative is to strengthen the leadership and business acumen of Bermuda’s small construction related businesses. With enhanced business operational skills, graduates of the programme can gain a stronger position and become more capable of successfully competing in the Bermudian construction industry.
The SBCI began as a 16-week programme that was designed for Masons, Small Contractors, Carpenters, Truckers, Plumbers, Welders, Excavators and any small business operating within the construction industry.
SBCI featured instruction and support that guided participants through the key components of operating a stable and efficient small construction business.
Benefits of attending the course included:
- A much stronger understanding of how to effectively and efficiently run your business venture.
- Ability to secure bigger contracts and ensure higher revenues.
- Eligibility for the BEDC’s loan guarantee programme.
- Opportunity to network with industry professionals and receive guidance on the future of your business.
- Opportunity to share tendering and negotiation processes with other participants of the programme.
- Butterfield Mobilisation Loan Guarantee Programme: a maximum of $2.5 million has been committed to this programme by the Butterfield Bank. Under this programme, Graduates of the Small Business Construction Incubator are eligible to receive a 100% loan guarantee from the BEDC with a maximum one-year term. If requested, an extension can be considered on a case-by-case basis.
Graduates of the programme continue to receive assistance through individual assessment, consulting, seminars, technical assistance and referrals within a cooperative network of Government agencies, educational institutions and private sector partners.
SBCI is now in its second phase, the ‘Hands-Up Empowerment’ initiative (HUE) which will support the graduates of the SBCI programme by providing participants with real life opportunities to utilize the tools and understanding of the flow of contract management documents from project inception through project close out. The goal is to continue growth and development of a diversified economy, increase economic opportunities and diversify service providers for the people of Bermuda.
For more information, please contact BEDC at firstname.lastname@example.org.