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BEDC emergency help for pandemic-hit businesses ends on Sunday

Erica Smith: executive director of the BEDC (File photograph)

The current phase of the Bermuda Economic Development Corporation Covid-19 emergency grant funding programme, will end on Sunday, two months after its launch.

The BEDC said any last applications to be considered for support, of businesses impacted during the public health restrictions and stay-at-home order during March, April, and May 2021, must be submitted to bedc.bm/covid-19-emergency-grant-funding by 11.59pm on Saturday.

The emergency grants issued are to be used to cover unpaid business expenses within the aforementioned three months, including any rent, utilities, social insurance, and health insurance premiums. Reimbursements of any paid expenses within any of the latter four grant categories are not permitted within this grant programme. As is the case with all BEDC financial products, applications will be reviewed, and funds provided based on need.

Although the emergency grant will no longer be available after Sunday, the BEDC will continue its support of businesses impacted by the pandemic through entrepreneurship education, webinars, and courses to help businesses learn much needed skills to pivot, sustain, and continue; and through a range of funding products, that will remain on offer to enable businesses to survive and eventually thrive.

In a statement, the BEDC said that through the generous grant from the Bermuda Government in 2020, it continues to be able to support businesses in need of funding through its various funding products such as combined loans and grants, loan guarantees, micro loans and overdraft guarantees through the BEDC, local banks and the Bermuda Credit Union.

A spokesman for the organisation said with the variety of funding support products, BEDC is committed to providing options for businesses to consider.

“Overall, BEDC will continue to develop products within its existing funding capabilities to best leverage the total funding available and assist as many businesses as possible,” the spokesman said. “Business owners will be able to utilise a combination of BEDC financial products, bank financial products, and financial products from other entities who meet BEDC’s partner requirements to maximise their ability to get the capitalisation they need to start, survive, and thrive.”

Full details of all funding programmes can be found online at www.bedc.bm. Please feel free to send any queries to info@bedc.bm.

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Published June 17, 2021 at 5:05 pm (Updated June 17, 2021 at 5:06 pm)

BEDC emergency help for pandemic-hit businesses ends on Sunday

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