Full-service business support agency
Bermuda is taking a proactive approach to supporting businesses, and BEDC is leading the charge. The organization provides new and existing companies with a wide range of resources, including training, guidance, advocacy, networking, and financing. According to Smith, many small and medium-sized businesses wouldn’t be able to start or expand without this support. Over the past two and a half years, BEDC has deployed over $6 million in finance or financial products to local SMEs.
Smith explains that BEDC’s vision is to create a thriving community of successful entrepreneurs who drive the island’s economy forward. “We embrace innovativeness and creativeness ourselves,” she says. BEDC uses a variety of economic development tools to achieve this goal, including the designation of Economic Empowerment Zones (EEZs) in the Western, Eastern, and Central areas of the main island. The EEZs come with various business development incentives and concessions designed to encourage new and existing businesses to start up or relocate, which ultimately leads to increased economic prosperity.