BEDC helped 225 businesses with Covid relief initiatives
The Bermuda Economic Development Corporation has bolstered 225 businesses through Covid-19 relief initiatives, the House of Assembly heard yesterday.
David Burt, the Premier, said $3.789 million in support to businesses had been provided through BEDC’s Covid-19 relief programmes as of the end of last month.
He said that the BEDC had approved 160 applications under the Business Continuity and Sustainability funding programme.
More than $3.4 million had been already deployed as of May 31, including $2.1 million in loan funding, $1 million in grant funding and $197,000 in loan and overdraft guarantees.
Mr Burt added that the BEDC has also approved 65 applications under the separate Covid-19 Emergency Grant Funding programme, which provided more than $350,000 in additional support.
He said the funding has helped many of the medium and small businesses survive the economic hardships of the past year.
Mr Burt added: “The BEDC was fully aware that the initial financing for 2020/21 was triage financing to help the businesses tread water, and that many businesses would need to apply for additional funding support in the fiscal year 2021/22.
“The BEDC has started to see those reapplications come through now.”
He said the BEDC considers the viability of a business when considering applications to ensure the loans and grants go to businesses that are sustainable.
Mr Burt added that of the 225 businesses that have been approved through the programmes, only one had indicated they would have to close, and that business repaid their loan prior to shutting down.