The Minister of Finance Paula Cox tabled an amendment to the Bermuda Small Business Development Corporation Act 1980 increasing by 50 percent the total amount the Corporation can guarantee.

The Minister told the House of Assembly last week the amendment makes a number of substantive amendments to the principal Act to strengthen the hand of the Corporation in the key areas of lending and providing guarantees to small business.

?There is a provision that will allow the Corporation to include retained investment income as part of its capital base,? Ms Cox said.

?In addition, the maximum amount that the Corporation may lend to any single borrower is to be raised to $200,000 or 15 percent of the Corporation?s capital, whichever is greater.

?The enhancement of the Corporation?s lending and guarantee provisions will be a boost to small businesses seeking financial assistance for business start-ups or expansion and part of Government?s Social Agenda in the area of small business.?

Other provisions in the amendment include the introduction of a definition of small business and the expansion of the size of the board from eight directors to 12 directors.