Log In

Reset Password

David Burt outlines loans made by BEDC during pandemic

First Prev 1 2 Next Last
David Burt, the Premier (File photograph by Blaire Simmons)

Bermuda’s small and medium-sized businesses were kept afloat with $4.4 million in aid from the Bermuda Economic Development Corporation since the onset of the pandemic in March 2020, the House of Assembly heard this morning.

David Burt, the Premier, told MPs the Ministry of Finance’s extra $12 million grant last year had “dramatically” boosted the BEDC’s ability to help businesses “survive over these last 16 months”.

He added: “Over the last 16 months, BEDC has approved 255 applications, significantly outpacing approvals in a “normal” year, for a total of $4.36 million to assist our local small and medium-sized businesses in a variety of financing options.“

Mr Burt provided a detailed breakdown of loans and funding to date, saying continued assistance would be necessary – with a further $3 million to $4 million in support to be used by the end of the present fiscal year.

The BEDC is expected to continue to provide Covid-19 funding support until March 31, 2022.

⋅ To read the Premier’s statement in full, click on the PDF under “Related Media”.

You must be Registered or to post comment or to vote.

Published July 16, 2021 at 10:33 am (Updated July 16, 2021 at 2:17 pm)

David Burt outlines loans made by BEDC during pandemic

What you
Need to
1. For a smooth experience with our commenting system we recommend that you use Internet Explorer 10 or higher, Firefox or Chrome Browsers. Additionally please clear both your browser's cache and cookies - How do I clear my cache and cookies?
2. Please respect the use of this community forum and its users.
3. Any poster that insults, threatens or verbally abuses another member, uses defamatory language, or deliberately disrupts discussions will be banned.
4. Users who violate the Terms of Service or any commenting rules will be banned.
5. Please stay on topic. "Trolling" to incite emotional responses and disrupt conversations will be deleted.
6. To understand further what is and isn't allowed and the actions we may take, please read our Terms of Service
7. To report breaches of the Terms of Service use the flag icon