Owners and leaders of medium-sized businesses have been handed a boost in the wake of the economic downturn after the Bermuda Small Business Development Corporation (BSBDC) yesterday launched a survey to find out their needs and offer assistance.

The new initiative was officially unveiled at the BSBDC's offices by Finance Minister Paula Cox and Michelle Khaldun, general manager of the BSBDC, along with Craig Bridgewater, partner, and Allison Black, manager, both from KPMG Advisory Ltd., who will be conducting the survey, and Stephen Todd, president of the Chamber of Commerce, who will be backing the census.

Ms Cox said the survey would assess the requirements of medium-sized business owners in terms of additional resources to sustain and grow their companies, with the information received used in strict confidence to understand the sector and develop a business plan for a unit to support and advise them.

"From the data collected, more informed policies and services can be formulated to support continued innovation, profitability and success in a sector which is key to not only providing goods and services to our population but also as a sector employing a significant number of our citizens," she said.

"I encourage all those owners who receive this survey and return it in order that we can plan to assist and support you and your companies when and where possible."

Ms Cox said the BSBDC had made significant progress in assisting small entrepreneurs with the impetus and support to transform their ideas into reality to date, but now Government was stepping in to make sure that larger emerging and existing medium-sized concerns were provided the relevant and appropriate help when needed.

As part of a national drive for empowerment and entrepreneurship, she said Government planned to amend the BSBDC Act to expand its reach and mandate for economic activity and development, with the Economic Development Corporation being formed to cover the operations of two separate units serving the local small and medium-sized business sectors.

And following a series of focus group meetings held with a number of stakeholders in the medium-sized business sector, KPMG Advisory Ltd. was called on to survey more than 400 local business to determine what support could be offered to the sector, Ms Cox added.

"Ultimately, it will look at what services across the board can be provided," she said.

"We need to make sure we are serving the needs of the commercial community at large."

Ms Cox, who described the survey as a "mini census" of the entrepreneurial population, said its concept had been instigated before the economic crisis and was the culmination of several different factors all coming together.

"Really it was a convergence of factors which make it a perfect storm and make it most appropriate at this period in time," she said.

Ms Khaldun said there was a range of advice and guidance the BSBDC could give businesses on the resources they require, from human resource management and retention and training of the workforce to setting up a professional development plan to make employees more efficient and effective, finding the best financial services provider and even getting access to capital

Mr. Bridgewater said KPMG would be sending out the survey, which includes more than 50 easy-to-answer multiple-choice questions and invites additional comments, via mail and e-mail for businesses to complete and return to the company or the BSBDC before July 17.

"The primary purpose of the survey is to obtain an understanding of the medium-sized business sector, its size, and its needs in order that the medium-sized support unit of the Economic Development Corporation can be designed to address such needs," he said.

Mr. Bridgewater said the criteria for businesses wishing to take part in the survey was annual revenue between $1 million and $15 million, maximum net assets of $7.5 million, annual payroll between $500,000 and $3 million, and a staff of between 10 and 50.

Anyone interested in participating in the survey can contact the offices of KPMG on 295-5063 or the BSBDC on 292-5570 or by e-mail at BSBDCSURVEY@kpmg.bm