BEDS sports clubs
Low-cost loans to develop sports clubs
Sports clubs are to receive cheap loans from the Bermuda Government to enhance their venues.
The loans, ranging from $2,500 to $25,000, will come from a pool of $150,000 allocated to the Bermuda Economic Development Corporation.
The programme, a promise in the 2017 Throne Speech, was unveiled by Jamahl Simmons, the Minister of Economic Development and Tourism, and Michael Weeks, the Minister of Social Development and Sport, at a forum on Tuesday night held in the Bermuda Industrial Union’s headquarters.
Approved loans will be subject to a 2.5 per cent interest rate, or 2 per cent in economic empowerment zones, with repayment to commence between nine and 36 months.
The loans will be unsecured, without requiring collateral.
Clubs will be able to use the funds for revenue-generating upgrades, from new bar and kitchen equipment to better parking facilities.
The seminar, attended by heads of sports organisations, heard that clubs have historically played a key community role.
Mr Simmons said they could also boost economic development, by “creating an environment to foster micro-enterprise or vendors, to facilitating business development through renting out physical space to established entrepreneurs”.
Mr Simmons called it “a hand up, and not a handout”.
Young and Robinson frustrate St David’s
White takes road race honours
Bermuda edge US in nail-biter
Nordic American Tankers reports $14.9m loss
Bermuda juniors set for Antigua test
Chubb upset top seeds Wahoos
Selleys shine as records tumble
Medal delight on the opening day
Take Our Poll
- "What is the most significant reason for Bermuda residents choosing to leave the island?"
- Too small
- Different way of life
- Cost of living
- Gang activity and general crime
- Jobs/professional advancement
- Attitudes towards gays
- Total Votes: 5235
- Poll Archive