More than 20 aspiring entrepreneurs have expressed interest in the Enterprise Bermuda incubator, with more expected to do so before applications for its fourth cohort close on Monday.

Enterprise Bermuda is a free 12-month programme that supports local entrepreneurs and the development of their businesses. It is offered by the Bermuda Economic Development Corporation.

Jamillah Lodge, communication and development director at BEDC, said the programme supports eight people due to participants being assigned office space – but added that additional spots in the programme may become available using a virtual learning format.

Ms Lodge said: “We have been contacted by several overseas students interested in the programme and this may be a great opportunity to get them involved and still provide office space for those entrepreneurs who are here locally in Bermuda.”

She said 12 completed applications have been received, with expressions of interest from more than 20 people, adding: “We typically receive the bulk of applications on closing day, so we expect an influx of applications on Monday.”

Ms Lodge added: “Although we are only looking to fill eight seats, there are some new incubators in each of the Economic Empowerment Zones coming online, so I would encourage all those who are interested in being considered to still apply as there may be an opportunity for them to be placed in one of the other locations.”

The BEDC said the programme benefits both start-ups seeking to accelerate the growth of their business in its early years as well as early-stage entrepreneurs looking for a nurturing environment to validate their business idea.

Successful applicants will receive assistance with analysing and refining their business idea, so they can best determine if it will work in, and beyond, the Bermuda market.

Participants are provided with complimentary access to BEDC’s educational courses and programmes; free and subsidised office space; an assigned business development officer and personalised mentoring with industry experts.

In addition, successful applicants will receive access to pro-bono or subsidised services in areas such as marketing, accounting, legal support, web development and more, the BEDC said.

Applications for the programme can be completed online at www.bedc.bm.

Since commencement of the initiative in 2018, the BEDC said 22 new businesses have been launched and more than 65 jobs have been created as a result.