Banks have teamed up with Government in a bid to help small businesses and entrepreneurs, Governor Sir John Vereker announced in Friday's Throne Speech.

And Government has the support of the "leading banks", according to the speech.

"In the upcoming year, the Government will partner with the banking sector to develop an initiative aimed at helping small businesses and entrepreneurs," said Sir John.

"This initiative has the support of the leading banks in Bermuda and will provide greater access to loans and working capital, the enhancement of business planning and management skills and improved contract bidding and administration.

"The Government firmly believes that this partnership will herald the beginning of a new era of community banking in Bermuda."

Bank of Bermuda and Bank of N.T. Butterfield did not respond to enquiries by Press time but Bermuda's newest bank, Capital G, said it was behind the project.

Sarah Farrington, president and chief executive officer of Capital G, said: "Capital G Bank Ltd. stands ready to assist with innovative programmes to help with the growth of small businesses and entrepreneurs."