Video: BSBDC Officially Renamed BEDC

Good morning,

I am very pleased to officially announce that the Bermuda Small Business Development Corporation (BSBDC) is now known as the Bermuda Economic Development Corporation (BEDC) and with the ceremonious cutting of the ribbon, welcome you to the new office.

The public would be aware of the great works of this organization whose team on an annual basis assists hundreds of existing and aspiring entrepreneurs thus remaining true to its mission of providing technical business advice and loan guarantee support to small businesses for a little over 30 years.

In 2006/07, the organization stepped it up when, under the Minister of Finance, now Premier, the Hon. Paula A. Cox, JP, MP, three socioeconomic initiatives were added to its objectives along with its existing services.

These were:
1. the establishment of an Economic Empowerment Zone in North Hamilton
2. the founding of Free Vendor Market sites; and
3. the design and implementation of a Small Business Construction Incubator.

The change of name from BSBDC to the BEDC is due to the expansion of the Bermuda Economic Development Corporation’s service offerings which includes the establishment, management and support of Economic Empowerment Zones and the provision of technical advice and financial assistance for small but medium sized businesses, the provision of financial grant and loans to businesses within the Economic Empowerment Zones along with the oversight responsibilities for the establishment of outside vendor markets.

Today is another hallmark moment in the Government’s support for the success of Bermuda’s local commercial enterprises. The BEDC’s legislation was officially amended thus enhancing the corporation’s remit and effectively changing the name on 4th August 2011. The new legislation allows the Corporation to perform the following functions:

• the granting of loans or other forms of financial assistance, to assist persons in establishing, carrying on or expanding small businesses;
• medium-sized businesses and entities within economic empowerment zones;
• the provision of technical advice or assistance to persons who are seeking or who are granted financial assistance;
• to operate and manage markets;
• to oversee and manage the development and implementation of the economic empowerment zones; and
• the maintenance of a Register of Small Businesses, Medium-Sized Businesses and Economic Empowerment Zone Business Entities

The BEDC will continue to operate in its current structure under its Board, led by Mr. Anthony Foster and ably managed by General Manager, Ms. Michelle Khaldun.

Recently, I was gratified to see the level of entrepreneurial spirit demonstrated by existing business owners and newly introduced business owners in the North Hamilton EEZ and the City of Hamilton proper, despite the challenged retail environment.

Without question, Government is serious about encouraging a viable and successful business environment in Bermuda and as the Minister responsible for the Economy, Trade and Industry, I will continue to ensure that entrepreneurial economic empowerment is made an imperative, by continuing to put the people first and continuing to create sound, progressive policy and support for their success and prosperity.

Ladies and Gentlemen I would be remiss if I did not mention the BEDC’s work over the past year in creating a small works programme in partnership with the Ministry of Public Works and the Department of Labour and Training to promote Phase II of the BEDC Small Business Construction Incubator Programme.

The aim is to assist those business owners who have completed the programme, with opportunities to use the knowledge, skills and tools that were delivered during the programme on projects supplied by the Ministry of Public Works.

The Government recognizes that competency is the translation of knowledge into action. To this end, the Ministry of Public Works and the BEDC have collaborated to develop a Memorandum of Understanding that facilitates true synergy between the organizations in the creation of the “Hands Up Empowerment Initiative.”

The initiative focuses on the skills and competencies that small contractors and small sub-contractors must possess and be able to demonstrate during the execution of their projects. In October of 2011, we celebrated the successful completion of the first project under the Hands Up Empowerment Initiative, the renovation of the Sea Song property.

Utilising the same tendering process, the BEDC managed a Small Jobs Works Programme from September through December of this past year which culminated in twenty persons from the unemployed register being hired to complete a number of small jobs on Government properties on time and on budget.

I will be speaking more about this project in the very near future.

In the last several months, the BEDC increased its staff numbers to accommodate the recent establishment of EEZs in Somerset and St. George’s.

In the near future we will be recruiting a Director to establish a Medium Sized Business Unit who will provide services tailored to the needs of medium sized businesses which has now been defined as Bermudian owned & owner operated – business enterprise with at least three of the following attributes:

• Gross annual revenues between $1 million and $5 million
• Annual payroll between $500K and $2.5 million
• A minimum of 11 and a maximum of 50 employees
• In operation for a minimum of 10 years
• Net Assets of less than $2.5 million

With the anticipated growth in services and personnel, BEDC took the timely opportunity to get larger premises at this Sophia House location and has recently moved up from the ground floor to these lovely and already well-utilised premises here on the first floor.

The space includes a separate training room, Board Room and conference room. In addition we also have the additional office space needed to house the Director of the Medium Sized Business Unit once that position has been filled.

The goal of the corporation has been and shall continue to be to assist the development of a strong, well-managed and prosperous local business sector in Bermuda by providing existing and potential business owners with a broad range of business advice and financial assistance.

Under the amended legislation, the team at BEDC, looks forward to continuing to fulfill its mandate and providing Bermudians with opportunities for realizing their entrepreneurial dreams. The Bermuda Economic Development Corporation has achieved great success and remains focused on its dedication to the small business community in Bermuda.

Independent research shows that awareness and use of the organization’s services has significantly increased and the Corporation’s core values of “Professional, Knowledgeable, Accountable, Supportive, Progressive and Nurturing” are exemplified by the team members.

Many entrepreneurs who come through the doors receive valuable assistance, guidance, and support during consultations which can make the difference in starting and successfully running a small business in Bermuda.

By utilising BEDC services, clients have been given the opportunity to participate in Bermuda’s commercial marketplace.

It is vital that the BEDC, under its expanded remit and in its new location, continue to provide the necessary support in order to foster economic stability and growth in Bermuda’s local commercial sector.

Thank you.

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