Government will offer concessions to assist small and medium size businesses when the 2005/06 budget is presented next February.

In last Friday?s Throne Speech, Governor Sir John Vereker announced the plan to offer incentives for small businesses to assist in their growth and development and said that Government would ?promote and advance an entrepreneurial and enterprising culture by working with local banking institutions to provide assistance to small and medium sized businesses.?

This is the second year in a row that the throne speech has included a Government plan to team with the banking sector in this area. Last year the goal was ?to provide greater access to loans and working capital, the enhancement of business planning and management skills and improved contract bidding and administration.?

When asked about the current and past initiatives, finance secretary Donald Scott would only say in an e-mailed response: ?The partnership between Government and the leading banks to assist small and medium size businesses is working. As part of this initiative, the Government will unveil a template of concessions to assist small and medium size businesses in their growth and development when the 2005/06 Budget is presented in February 2005. Details will be given at that time.?

The banks were equally vague about their roles in the initiatives. Michael Collins, Head of Banking Services at Bank of Bermuda said: ?Bank of Bermuda is in close consultation with the Bermuda Government and are working with them on various initiatives to assist Bermuda?s small business.?

Butterfield Bank did not respond by Press time, but Sarah Farrington, president of Capital G said: ?Capital G Bank shares the Government?s commitment to working with small and medium sized businesses.

?It is a market that we are interested in both commercially as a Bank and as a member of the wider community as we believe that an entrepreneurial spirit is important to the future development of Bermuda. As a small Bank that has grown rapidly, we know the unique challenges that small businesses face as we have experienced them first hand.?

Mrs. Farrington went on to say that her bank has worked with the Small Business Development Corporation in assisting small businesses and look forward to doing so in the future.

?We also look forward to further working with Government on any other initiatives coming out of the Throne Speech as we believe that promoting small businesses and developing an enterprising culture is important for the country.?