The Bermuda Economic Development Corporation is encouraging entrepreneurs to submit applications for the Global Atlantic Re Foundation pitch competition.

To be held on September 28, entrepreneurs will showcase their businesses and pitch their ideas to a panel of judges.

Five winning entrepreneurs will each receive a capital grant of up to $25,000 from the Global Atlantic Re Foundation.

Three awards will be given to local companies in any industry, one will be given to a youth entrepreneur between the ages of 13 and 22, and another will be given to the winner of a People’s Choice Award competition voted on by the public.

A BEDC spokeswoman said: “This partnership and pitch competition is an exciting opportunity for entrepreneurs to showcase their ideas and get the funding they need to grow their businesses.

“BEDC and the Global Atlantic Re Foundation encourage all entrepreneurs in Bermuda to apply for this opportunity and look forward to seeing the amazing ideas and businesses that emerge from this competition.”

The submission deadline is June 5.

Approved applications will participate in preliminary rounds to help to identify the top 10 companies who will pitch for one of the grants.

Preliminary rounds are set for June 26 to July 14, with a coaching and pitch boot camp set for July 20.

Youth finals are scheduled for August 17.

To be eligible for consideration, entrepreneurs must:

• Be registered with the BEDC and have participated in a BEDC programme

• Be a Bermuda-based business

• Have an idea, minimum viable product or a business that has clear benefit to the Bermuda market

• Demonstrate demand for the product or service

• Clearly identify what the funds will be used for (business cannot have any political or religious affiliation)

• Not be receiving any other grant funds from another private entity that exceeds $5,000