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

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.

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.
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. 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your application – If there is no response within 15 business days, the BEDC will consider your application as ‘withdrawn’ and will consequently cease the application analysis process.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
$100 or 1.5% of loan whichever is greater
Economic Empowerment Zone Businesses and Island Vendors:
Interest Rate
4.5% interest rate
Application Fee
$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.

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 TemplatePersonal Income Statement TemplatePersonal Balance Sheet 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.
Cash Flow Statement Template
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.