The Bank of Bermuda can be a friend to small businesses, according to Neville Grant, senior commercial manager of the Small Business Centre.

?The more we are able to create, build and develop items, products or services created, owned and managed in Bermuda, the less reliant we are on importing expertise and materials from overseas,? Mr. Grant said.

?Our ultimate goal is to provide support, financing, advice and consultation for small businesses as they navigate the whole process from idea creation to financing and ongoing business development.?

?We want to ensure we create and build a thriving small business economy because supporting small business creates a pillar as the basis for the development of successful medium-sized businesses.?

HSBC set up the Small Business Centre as one of the key elements of commercial banking at the Bank of Bermuda in January and Mr. Grant signed on to manage its operations.

?This was part of HSBC?s strategy to segment the market to ensure expertise is allocated to specific parts of the market and globally HSBC have a strong presence in the small- to medium-sized enterprise market.

?By definition we are a small market and the majority of the deals we would see in Bermuda would be small by nature.?

Banking services offered by the Business Centre include credit services for entrepreneurs looking to start small business, fund fixed asset purchases and working capital or help for those looking to buy an existing business.

The unit can also provide online banking, a multi-currency corporate account, international money transfers, pre-authorised payroll or transfers, standing orders, overdrafts and letters of credit.

?I am very familiar with the small business market having worked as the general manager of the Bermuda Small Business Development Corporation for five years and I know the industry and the players.?

?What this means is that when a client comes in to talk you don?t require a lot of background because you are familiar about the road they have travelled.

?The bank is able build new products and services for this group because of the knowledge we have of the industry we can specifically target this market.?

Mr. Grant said the bank is able to understand what the client is trying to accomplish and provide entrepreneurs with information about the requirements for loans.

?Ideally we would like people to approach the bank with a business plan because it means that you understand how you are going to implement your dreams and aspirations.

?This is an essential tool they need because it is critical for financing and help them go through the process.?

Mr. Grant said a new business owner would also need a good credit history, adequate cash flow and collateral and the ability to take on and manage more debt.

Character is also considered in terms of managing previous or existing credit facilities and the type of industry the business is seeking to operate in.

For more information about the Small Business Centre call 299-5555.