BEDC’s Covid-19 emergency grant fund to assist businesses – The Royal Gazette | Bermuda News, Business, Sports, Events, & Community

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BEDC's Covid-19 emergency grant fund to assist businesses

Bars, nightclubs, member clubs and restaurants that have been negatively impacted by mandatory public health closures due to the rise in Covid-19 case will be given assistance from the BEDC.

It is providing Covid-19 emergency grant funding out of the $12 million that has been allocated to assist businesses during the pandemic.

The one-time grant relief is a needs-based funding product that will be available specifically for approved bars, nightclubs, members clubs and restaurants as of December 8. The relief will be granted on a case-by-case basis. Businesses must be registered with BEDC to apply.

With effect from 9am tomorrow, entrepreneurs with businesses that are impacted can go online to www.bedc.bm to apply for the emergency grants. Funds will be provided to cover immediate, monthly overhead expenses, excluding salaries which are being met by the Government’s unemployment benefit. Approved grants will only be provided for the following overhead expenses: business location rent, utilities, social insurance, and health insurance premiums.

Funding thresholds will remain divided into the five bands of financing established in April as part of BEDC’s Covid-19 Business Continuity and Sustainability Funding Programme. The first four bands are allocated to small businesses and the last band is earmarked for medium-sized businesses as defined by BEDC’s legislation.

Maximum grant amounts will range from $5,000 to $7,000 per business depending on the size of the business defined by its annual revenue generated over the last 12 months, between December 2019 and November 2020.

Funding levels are maximum amounts validated by submission of invoices and bills for the four identified overhead expense areas.

BEDC has set aside a total of $1 million out of the $12 million in Covid-19 funding support provided by the Government for this emergency relief. As is the case with all BEDC financial products, applications will be reviewed, and funds provided based on need.

The BEDC Covid-19 Emergency Grant will be in place until the funds are exhausted or until deemed no longer necessary.

In a statement, BEDC said it is also working to further expand the existing Covid-19 Business Continuity and Sustainability Funding Programme. It said: “After 9 months of providing support for businesses immediately impacted by Covid-19, it is evident that funding support needs to be expanded.

“This further expansion will allow the BEDC to consider all requests for financial support, including stimulus and innovative business ideas, and to utilise available funds to support more viable businesses in need. The programme will continue to work within the BEDC’s existing funding capabilities to best leverage the total funding available and assist as many businesses as possible. Business owners will be able to utilise a combination of BEDC financial products, bank financial products, and credit union financial products to maximise their ability to get the capitalisation they need to survive, thrive, pivot, and even start their business. More details of this expansion to the funding programme will be provided on Monday.”

For more information about the Covid-19 emergency grants and BEDC’s Covid-19 funding programme, visit the BEDC website at www.bedc.bm, or e-mail info@bedc.bm.

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Published December 16, 2020 at 7:41 pm (Updated December 16, 2020 at 7:41 pm)

BEDC's Covid-19 emergency grant fund to assist businesses

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