(441) 292-5570
48 Church Street, Hamilton Bermuda
48 Church Street, Hamilton Bermuda

Covid-19 Emergency Grant

About the Covid-19 Emergency Grant Program

During March and early April 2021, the Bermuda Government through the Ministry of Health issued a range of Public Health Closure and Restriction Notices to contain the increase in Covid-19 cases seen in Bermuda.
Businesses targeted by the Public Health Closure and Restriction Notices were those identified as more easily facilitating community spread due to larger customer/client capacity.

Of the industries impacted by the Public Health Closures and Restrictions Notice, the Government recognized that some businesses would be the most negatively impacted due to not having the ability to operate at all during the closure period or having reduced operating capacity due to scale backs. This is compared with other industries and business types who can operate and generate revenue throughout the closures and restrictions, although in a slightly reduced capacity.

Those earlier closures and restrictions were followed by the more restrictive “Stay at Home” Order issued by the Government which came into effect on April 13th, 2021, requiring all businesses to close except for those exempted.

In response to the new closures and restrictions, BEDC has modified the Covid-19 Emergency Grant Funding to assist all businesses who have been specifically and tangibly affected during March and April 2021.

In response to the new closures and restrictions, BEDC has modified the Covid-19 Emergency Grant Funding to assist all businesses who have been specifically and tangibly affected during March, April and May 2021.

Specific businesses impacted throughout March, April, and May 2021 are as follows:



Members Clubs



Bowling Alleys

Movie Theatres

Indoor places of Public Resort and Public Recreation

Private Schools (not licensed day care businesses who can still operate)

Private Camps

Tour/Charter Boats

As a result of the mandatory “Stay at Home” Order, further businesses to the above-referenced ones have been impacted, and as such, this Emergency Grant product will also be available to those businesses impacted.

BEDC has initially set aside $1M in Covid-19 funding support provided by the Government for this emergency grant relief. The total amount of funds available can be increased if determined additional support is needed and demand is high.

As is the case with all BEDC financial products, applications will be reviewed, and funds provided based on need and assessed on a case-by-case basis.

The BEDC Covid-19 Emergency Grant Funding programme will be in place until the funds are exhausted or until deemed no longer necessary.

The details of the loan programme are as follows:
100% Guaranteed
Approved loans are 100% guaranteed by the BEDC.
Repayment Terms
Repayment terms for inventory, goods, capital assets, and working capital up to 42 months.
Application final approval is made by the BEDC Executive Director.
Penalty Rate
Default penalty rate is double the interest rate
Credit Check
Subsidised credit check per applicant/owner.
Applications are processed by the BEDC Officers.
Processing Time
BEDC processing, approval, and disbursement usually within 15 business days from receipt of complete application.
Small and Medium-sized Businesses:
Interest Rate
3.5% interest rate
Application Fee
$75 or .75% of loan whichever is greater
Economic Empowerment Zone Businesses and Island Vendors:
Interest Rate
3% interest rate
Application Fee
$50 or 0.5% of loan whichever is greater

The Covid-19 Emergency Grant Funding is available to businesses in industries severely impacted by the March, April, and May 2021 public health closure notices as well as businesses closed by the “Stay at Home” Order.

The grant relief is applicable to existing businesses only and businesses must have been in operation up to March 2021. Established businesses older than 12 months will have preference over businesses formed within the last 12 months although all businesses impacted negatively can apply and will be assessed on a case-by-case basis. Eligible new startup businesses must have commenced operations prior to January 1st 2021.

The BEDC defines a small business as Bermudian – owned and managed; operating locally; having an annual gross payroll not exceeding $500,000 or having annual sales revenues of less than $1,000,000.

The BEDC defines a medium-sized business as a Bermudian-owned & owner-operated business enterprise with at least three of the following attributes:

  • Gross annual revenues between $1 million and $5 million
  • Annual payroll between $500K and $2.5 million
  • A minimum of 11 and a maximum of 50 employees
  • In operation for a minimum of 10 years
  • Net Assets of less than $2.5 million

Although open to all businesses who meet the criteria, the BEDC desires to expose Bermuda’s small business.

Please ensure that you have reviewed the checklist below and have all the necessary information needed to apply.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.
Personal Financial Statement Template
Bank Statements
Client to supply 3 months of bank statements if the business is established. Required monthly when in repayment phase. If there are no historical financials then 12 months of bank statements are required.
Financial Information/Cash Flow Statement
Required to submit at least the last 12 months of financial information on template form if an existing business. Required to submit 12 months of Cash Flow Projections.
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.
BEDC Business Profile Template
Business & Personal References
One business and one personal reference prepared by a client, service provider, vendor, known business associate.
BEDC Business or Personal Reference Template
Estimates & Quotes
Detailed listing of goods to be purchased by client for business through the loan.
Location of Business
Must submit documentation to attest to location of business and where permission/licenses are required, they are received.
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.
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.
Submit Application
Navigate to 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.
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 15 business days of BEDC receiving of ALL necessary information and requirements.