The Government has highlighted the work of the Bermuda Economic Development Corporation to support small businesses and lay the groundwork for entrepreneurs.

A spokesman for the Ministry of Labour and Economy said the Government had allocated $2.2 million to support Bermuda’s “entrepreneurial ecosystem”, with the BEDC offering new and existing businesses assistance.

“Last year, the BEDC conducted over 625 client meetings, providing tailored and confidential business advice, and it received a 92 per cent satisfaction rating from exit surveys,” the spokesman said.

“Additionally, 290 business visits were conducted within the Economic Empowerment Zones, leading to the opening of 12 new businesses and creating 21 jobs.

“These efforts underscore the Government's dedication to nurturing local enterprises and promoting connectivity within the community.

“Financially, BEDC approved 24 microloans and loan guarantees, disbursing $687,000 to local micro, small and medium-sized enterprises. This funding was crucial for business start-up and expansion.”

The spokesman added that the BEDC also managed to “maintain financial stability”, receiving $531,000 in payments on microloans and interest, with 35 business owners fully paying off their loans

The BEDC also started work to develop Bermuda’s first National Entrepreneurship Strategy, intended to help build a vibrant small and medium-sized business sector, and has continued work to advance co-operative legislation.

The spokesman added that the corporation also intends to improve its business register and streamline the registration process.

Jason Hayward, the Minister of Economy and Labour, said the projects highlighted the Government’s commitment to building an environment conducive to entrepreneurship.

“While BEDC is a relatively small organisation, it widely impacts Bermuda's entrepreneurial ecosystem,” Mr Hayward said.

“By implementing strategic policies and fostering collaborations with international organisations, Bermuda strengthens its foundation of sustainable economic growth and opportunities for all.

“The continuous efforts to empower local enterprises will undoubtedly pave the way for a prosperous future, ensuring that entrepreneurship remains a vital driver of the island's economic resilience and social cohesion.”