About the General Micro Loan Program
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.
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.
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.
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:
Small and Medium-sized Businesses:
Economic Empowerment Zone Businesses and Island Vendors:
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.