Somerset EEZ Office Opened To Public

Good morning ladies and gentlemen, thank you for coming. We are here to mark another milestone for the Economic Empowerment Zone (EEZ) initiative.

Friends of Somerset, the Bermuda Economic Development Corporation (BEDC) with the Ministry of Economy, Trade & Industry and our stakeholder partners are working feverishly as agents of change, and the collective efforts are bearing fruit.

The new Somerset EEZ Office will be an extension of the BEDC Church Street, Headquarters office and the Union Street North East Hamilton Economic Empowerment Zone Office. For Somerset stakeholders this will be the venue where they can come and get all the information and support they need in order to prosper in the Somerset EEZ.

The EEZ Office will be staffed by an individual who is knowledgeable about Somerset and what it takes to create sustainable change. He will offer information on the process of setting up a busines;work with community stakeholders; as well as offer information and support to those that live in the area through opportunities for property improvement and self development.

Ultimately, it is our hope that when individuals leave this office they will feel supported, will have learned something new, and will feel a sense of empowerment to become masters of their own destinies.

The Somerset EEZ has had a few notable successes to date; one being the February 16th Somerset Community Speaks which saw a fantastic turnout of over 400 people. Further to that Somerset community empowerment event, a few strategic initiatives have been started which I would like to share.

Firstly, a number of small businesses have consulted with the Bermuda Economic Development Corporation (BEDC) to pursue any one of the 10 Somerset business ideas shared at the Somerset Speaks event. The Mangrove Bay and Long Bay Beach concession opportunities have been well received with a number of persons expressing interest on many levels.

Visitor focused and food and beverage concerns, especially in the Mangrove Bay area, deserve much support and the Somerset Economic Empowerment Zone Office is working with a few entrepreneurs to develop exciting initiatives.

It is envisioned that another Somerset forum will be organized in due course to update Somerset residents and business owners on the work done to date.

Secondly, entrepreneurs have expressed continuing interest in pursuing Somerset Economic Empowerment Zone grants and there has been an upsurge in small business persons requesting loan guarantee support from BEDC to start water-based businesses.

Between May and July of this year BEDC will have worked to assist several businesses with direct support in over $200,000 in loan guarantees to West End based businesses.

I am pleased to note that the next level of Somerset community development work is in process in partnership with the Sandys Parish Council. In principle, the idea of a Somerset master development plan has been previously embraced by a cross section of Somerset community stakeholders.

The Sandys Parish Council; Somerset Cricket Club; Kiwanis Club of Sandys; Sandys Rotary; Sandys 360; Somerset Police; the West End Division of the Chamber of Commerce; and Cambridge Beaches have already expressed their willingness to be involved. Other community development entities and leaders are now being asked for their input and ideas.

The EEZ Strategy stresses a process that is associated with sustainability, growth, personal improvement, physical development, and enterprise development, and not merely the redistribution of existing wealth.

Holding true to its role as enabler and equipper, the Somerset Economic Empowerment Zone Office is here to facilitate opportunities and support success for Bermuda’s businesses in Somerset.

Its presence here is a tangible way to provide easily accessible resources and skills in the community to assist with solving the community’s problems.

The office will stand up for and provide an additional voice for Somerset’s businesses, many of which have been owned for decades by Bermudian entrepreneurs.

And with its presence in the heart of the Somerset Community, the SEEZ Office will assist the community in making sure and steady progress for its economic, social, and physical revitalisation. All who desire to increase commerce and quality of life in Somerset are encouraged to call on the office at any time.

In conclusion, ladies and gentlemen, this Government truly believes that Bermuda requires an economy that can meet the needs of all its people – because no economy can grow by excluding any sector of the community – and this is especially true in these challenging times.

Thus Government’s economic empowerment initiative is an important policy instrument aimed at broadening the economic base of this Country and also expanding the economic playing field.

The Economic Empowerment Zones Agency, a unit of the Bermuda Economic Development Corporation, is now proud to open its Somerset office.

Thanks must be given to the Prince Albert Lodge No. 233 and its membership for making this opportunity possible. Again, we encourage the Somerset community to use this EEZ Office to the fullest and to those present, thank you for joining us on this most special occasion.

I’d now like to introduce you to Mr. William Spriggs, the Economic Development Officer for Somerset.

Thank you.

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