Government has doubled the guarantee capacity of the Bermuda Economic Development Corporation to support local businesses, Jamahl Simmons announced this morning.

Mr Simmons, the Minister of Economic Development, said Cabinet had agreed for the guarantee capacity to be raised from $1 million to $2 million.

He told the House of Assembly: “With this increase of its guarantee capacity through doubling its capital, BEDC will be able to offer a maximum total of $12 million in guarantees, loans, grants and other financial products for businesses to access.

“This opens the opportunity for more Bermudians to consider entrepreneurship, doing for self, to create new businesses and new jobs.”

The increase is set to come into effect in the 2018-19 fiscal year, and will help deliver elements of the government’s pledges such as the Sports Clubs Guarantee Programme, Mr Simmons said.

• To read Mr Simmons’s statement in full, click on the PDF under “Related Media”