Mr. William Spriggs, general manager of the Bermuda Small Business Development Corporation (BSBDC) says: "Plan your work, work your plan. He who fails to plan, plans to fail.'' The BSBDC was established in 1980 as a joint venture by Bermuda's banks and the Government to provide existing and potential business advice and equitable opportunities for financial assistance.

Its principal objective is to actively assist the development of a strong, well managed and prosperous small business sector within Bermuda's economy.

The Corporation's officers are experienced professionals who are able to advise the entrepreneur.

The Corporation is not a bank and does not lend money directly. If you are thinking of becoming an entrepreneur and bring forth a viable enterprise, the Corporation may be able to guarantee a portion of a bank loan for that business.

How does the Corporation satisfy itself that a business is viable? For a new venture the Corporation will require financial projections and details relevant to the business plan. It will be determined if the proposed business has a reasonable likelihood of success.

Who qualifies for assistance? Normally small business which is privately owned, not dominant in its field and operated for a profit qualifies for assistance. Such an enterprise may be a sole proprietorship, a partnership or limited liability company.

The maximum amount of guarantee support a small business may expect from the Corporation is no more than 50 percent of the agreed loan sum. The guarantee programme is limited to a maximum sum of $50,000 outstanding at any time for any one enterprise.

Does a person receiving advice or financial assistance have any obligations to the Corporation? A client issued a guarantee is expected to furnish the Corporation with progress reports on a regular basis.

Advice given by the Corporation Officers is provided FREE OF CHARGE.

Your business with the Corporation is strictly confidential.

If you would like to learn more about Bermuda Small Business Development Corporation please call 292-5570.