How will businesses be assisted?
Entrepreneurs with businesses that are impacted can go online to www.bedc.bm to apply for the emergency grants as of 9 am on Wednesday, 14th April 2021. Applications will only be processed online. Funds will be provided to cover immediate overhead expenses due over the month, excluding salaries which are being met by the Government’s Unemployment Benefit.
Approved grants will be provided to cover only the following overhead expenses:
- business location’s rent;
- business’ utilities;
- social insurance premiums for employees; and
- health insurance premiums for employees.
Funding thresholds will remain divided into the 5 bands of financing established in April 2020 as part of BEDC’s Covid-19 Business Continuity & Sustainability Funding Programme. The first 4 Bands are allocated to small businesses and the last band is earmarked for medium-sized businesses as defined by BEDC’s legislation.
Maximum grant amounts will range from $5,000 to $7,000 per business depending on the size of the business defined by its annual revenue generated over the last 12 months between March 2020 and February 2021 as follows:
Funding levels are maximum amounts validated by submission of invoices and bills (payables) for the 4 overhead expense areas identified above.
Re-applying for Funding Support
It is realized that the impacts of Covid-19 have lasted longer than anticipated or desired. As such, businesses who have been helped previously by the Covid-19 Emergency Grant have the ability to re-apply for additional funding under this programme as long as the request is for Covid-19 impacts on the business as defined above.
Given there are limited funds, priority of funding will be given to first-time applicants to ensure as many businesses are assisted as possible. Businesses re-applying will be required to submit an updated application form as well as updated information about their business.
Businesses will be limited to re-applying once over the life of the programme. This means the first application and one re-application.
The maximum amount of additional grant funds available for businesses re-applying will be 80% of the maximum funding allowed with the first submission as follows:
Process and Details
The details of the emergency relief grant financing programme are as follows:
- Online application submission only.
- No application fee required.
- No credit check fee required.
- No interest fees.
- No repayment of grant funds required.
- Needs-based programme – need for the grant must be proven.
- Funds for March 2021, April 2021 and/or May 2021 payables up to the maximum grant amount if needed.
- Applications are reviewed and approved by BEDC Executive Management Team.
- Decisions will take place within 10 business days from receipt of a complete application.
- Disbursements will be made 2 business days after receipt of signed grant approval letter. Disbursements will be made through online transfer to the business’ bank account.