Our stated purpose is very simple — to create a framework for a strong and vibrant local business sector in Bermuda.

A local business sector is critical for a successful economy in any country, it is where growth and job creation can occur and it is an accurate barometer of how healthy, or not, the economy is. The local business sector is at the heart of innovation and creativity – it has to be just to survive.

Because of their nature, they are probably running on local profit margins and may not be cash-rich. So why, you ask, are we planning to charge $100 in order to access the Bermuda Economic Development Corporation’s business register?

Well, for a start it will list 5,000 local businesses so it will be a key element not just for networking opportunities, but also research and partnership opportunities.

As Senator Michael Fahy, the Home Affairs Minister, recently said: “The business register will not only provide a benefit to businesses with regards to access to timely information and data to assist them in making the best decisions for their businesses, hence having a positive knock-on impact to the economy, but it will also allow the BEDC to meet one of its goals of generating revenue.”

Why do we need to generate revenue? The answer: to maintain and expand the services we offer to Bermuda’s local business community. Did you know that the Bermuda Economic Development Corporation (BEDC) was established in 1980 as the Bermuda Local Business Development Corporation, a joint venture between Bermuda’s banks and the Government formed to help the development of a strong, well-managed and prosperous local business sector?

In 2011, the BSBDC Act was amended to expand its remit and the BSBDC changed its name to BEDC to encompass its expanded legislation and functions including:

• The granting of loans or other forms of financial assistance to help establish, carry on or expand a business within economic empowerment zones;

• The provision of technical advice or help to people who are seeking or who are granted financial assistance, we provide loan guarantee support so if you need bank financing we can guarantee half of the loan up to $200,000.

• Overseeing and managing the development and implementation of the economic empowerment zones.

• The maintenance of a Register of Local Businesses, Medium-Sized Businesses and Economic Empowerment Zone Business Entities.

All the above will continue, but registering to be a BEDC member means you will be on a register giving contact information and business details that open to the public; businesses will get a unique ID, a newsletter, invitations to special workshops and networking opportunities. Businesses will also get deposit insurance coverage for up to $25,000 a well as a range of discounts with local service providers, reduced interest rates on BEDC loans which will be introduced soon.

We are very aware of the issues facing our local businesses and we do not want to unnecessarily burden them with extra costs, so businesses can register for free up to September 30. There will be a $50 charge for those who sign up between October 31 and March 31, 2016. After that, registration will be $100.

I want to stress that despite the charge, we are here and always will be here to help local businesses to start and to get a foothold. You are our future.

Jamillah Lodge is a BEDC business development officer.