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48 Church Street, Hamilton Bermuda
292-5570
Contact Us
Book an Appointment
Become a BEDC Member

General Micro Loan

About the General Micro Loan Program

The product was developed in response to an identified gap in the lending market. Results from the BEDC’s bi-annual stakeholder survey showed that small businesses were in need of financial assistance for small loan amounts that the banks would not typically finance for commercial purposes.

BEDC has allocated funds to be used to facilitate small loans in amounts up to $30,000. The BEDC will offer a 100% guarantee on the loans to qualified applicants.

This product will give the small business person access to the often time-sensitive and secured financing they need to purchase goods and/or capital items directly related to generating income for their businesses.

A Few Details
Who Can Apply?
What You'll Need
How Do I Apply?

The Micro Loan is designed to assist start up and businesses with inventory purchases and/or capital items directly related to increasing sales or services. In addition it can be used for working capital.

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 60 months.
Approval
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.
Processing
Applications are processed by the BEDC Officers. The BEDC may reach out via email for further information or clarification regarding your application – If there is no response within 15 business days, the BEDC will consider your application as ‘withdrawn’ and will consequently cease the application analysis process.
Processing Time
BEDC processing, approval, and disbursement usually within 20 business days from receipt of complete application.
Small and Medium-sized Businesses:
Interest Rate
5% interest rate
Application Fee
$150 or 1.5% of loan whichever is greater $50 non-refundable credit check fee
Economic Empowerment Zone Businesses and Island Vendors:
Interest Rate
4.5% interest rate
Application Fee
Application Fee – $100 or 1% of loan whichever is greater. $50 non-refundable credit check fee.

The Micro Loan product is available to all small businesses, island wide; including vendors and those businesses located in a designated Economic Empowerment Zone.

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.

Monthly Personal Financial Statement
Monthly Personal Income Statement and Personal Balance Sheet are REQUIRED for each owner of the business The last 3 months’ proof of salary (i.e. pay slip, online banking statement) are REQUIRED for each owner of the business
Personal Financial Statement TemplatePersonal Income Statement TemplatePersonal Balance Sheet Template
Bank Statements
3 months of bank statements REQUIRED if an existing business. For startups/new businesses, a screenshot of your current personal bank statement
Financial Information/Cash Flow Statement
24 Months of Profit & Loss Statements, 12 months of Cash Flow Projections and Balance Sheet are REQUIRED for existing businesses. 12 months of Cash Flow Projections are REQUIRED for startup businesses.
Cash Flow Statement Template
Business Plan or at Minimum Business Profile
Provide business plan / profile on BEDC template or use your own. Business Plan MUST include history and future of the business, business location, target market, competition / competitive analysis, use of funds, marketing plan and SWOT analysis. Provide any signed contracts and/or agreements to support loan amount.
BEDC Business Profile Template
Business & Personal References
1 business and 1 personal reference prepared by a client, service provider, vendor, known business associate are REQUIRED. References cannot be provided by family member(s)
BEDC Business or Personal Reference Template
Estimates/Quotes
Detailed listing of use of funds with vendor invoices and quotes on official company letterhead. If purchasing a vehicle, submit letter from TCD authorizing purchase/obtaining of vehicle. Provide a current vehicle quote. Retroactive quotes will not be accepted. We do not accept vehicle quotes from overseas suppliers.
Location of Business
Must submit documentation to attest to location of business. Include leases, domain names, permission/licenses if applicable.
Identification
Demonstrates that the applicant is Bermudian or spouse of Bermudian i.e. copy of drivers license, passport. If non-Bermudian is a partner, the Bermudian partner must hold a controlling interest (60% of business) and a copy of the partnership agreement must be submitted.
Payroll Tax
Submit confirmation letter that business is current with payroll tax or letter confirming a payment plan in place for payroll tax arrears. Submit confirmation letter that business is registered with The Office of the Tax Commissioner if a startup business. For all Payroll Tax Enquiries, email: taxenquiry@gov.bm
Social Insurance
Submit confirmation that the business is current with social insurance or confirmation of an agreed payment plan that the business is current. Submit confirmation letter that the business is registered with The Department of Social Insurance if a startup business.
Social Insurance Standing Check
1
Register Your Business
Visit the BEDC Member Registration page to fill out your business profile. Completing this form to the best of your ability will help us to better service your needs.
3
Log-in to Our Business Portal
Once you have received your BEDC Member #, Business Register #, and Vending License # (if applicable), please take a moment to log in to your new BEDC Member Account via the BEDC Member Portal. You can now apply for BEDC products & access our resources.
5
Processing Application
Once your application is submitted, it will be reviewed by our administration team for completeness and then forwarded on to an officer for processing. At this time the officer assigned to your case may ask you to provide further details or clarification in reference to your application.
2
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.
4
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.
6
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 20 business days of BEDC receiving of ALL necessary information and requirements.
Register Business
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