BEDC Sports Club Loan Programme Launched
In a joint Ministry initiative, the Minister of Economic Development & Tourism Jamahl Simmons and the Minister of Social Development & Sports Michael Weeks, participated in the launching of the Bermuda Economic Development Corporation [BEDC] sports club micro loan initiative, at a seminar that took place at the BIU yesterday evening [Oct 16].
A Government spokesperson said, “Representatives from local sports clubs were on hand at this development seminar to learn about this new initiative and the loan application process as well as receive information on all of the BEDC’s products to assist clubs.
“This new program will provide assistance to existing sports clubs through $25,000 loan guarantees to assist in achieving their goals and objectives.”
Speaking at last night’s event, Minister Simmons said, “Good evening all, welcome to this evening Sports Club Development Seminar. It’s a good day when I stand next to my colleague The Hon. Michael Weeks so that we can both introduce such a timely development opportunity.
“The Ministry of Economic Development and Tourism is excited to partner with the Ministry of Social Development and Sports to support the development of football, cricket and sailboat clubs. Only these clubs will be supported initially and after review of loan product take-up, the sports club micro loan product will hopefully be offered to other types of clubs as well.
“The Government’s 2017 Throne Speech touted our desire to support Sports Clubs with developing financial products to create more sustainable business models in an effort to better serve their members and the public at large.
“This evening, together with the Bermuda Economic Development Corporation and the Department of Youth Sport and Recreation, we are pleased to be able to continue to build on that promise. The Government, through BEDC and the Department Youth, Sport and Recreation, is proud to be leading with innovative Club-funding mechanisms to drive new economic success.
“Clubs have historically played a key role in Bermuda as a connector to our community. However, they can also play a key role in the economic development of our communities and our Island, from creating an environment to foster micro-enterprise or vendors to facilitating business development through renting out physical space to established entrepreneurs.
“Being able to have access to timely and useful financial products can assist clubs in this economic development role and the resources and information presented here tonight have all been created to be a hand up and not a hand out.
“It is our hope that you will take the valuable information shared this evening back to your Clubs and move forward with BEDC in any way that helps you to achieve your goals and objectives.
“All it takes is one idea to move you in new, club changing direction,” Minister Simmons added.
The BEDC Sports Club Loan Programme details follow below [PDF here]:
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Finally some small reparation payments
Great more money going out,
We never hear of the debt, all we hear is 75 k Somerset cricket club, 1.2 million to the master. That bitcoin must be paying off big time. Premier finance minister off island again
Well done voters.
If a club can’t formulate a plan to generate $25K for themselves than really they need to get rid of their committee & start fresh with someone who actually understands business. Seriously many of these clubs lack vision & solely rely on the bar plus whatever they collect at the gate for sports functions. $25K shouldn’t be a hard figure for a club to generate themselves & if they do need a loan, well that’s what the financial institutions readily accessible on the island are there for. The only Loan PLP should be worried about is paying off the huge one hanging over our heads as a whole.
This is a joke. Just another way to siphon money from the people of Bermuda and buy some votes. These clubs do not pay taxes in fact I doubt they even own the property that they are sitting on. Next time the police presence is required we the Bermuda tax payer a.k.a government should send the bill to the club.
I have been around workman’s clubs (too much actually) so I can ask do they produce financials yearly? Are all the people at the bar current and paid up members? Are they up to date with their various licenses?
I feel like this is something from a book called…Governing tricks according to the book of Trump. Chapter 4. Pay to Play.
None of us are fooled by the inclusion of “sailing” . That is merely a tactic by the PLP to quieten the critics of this gift. They know there are few sailing clubs to begin with and most did well last year because of AC and would not qualify. More smoke and mirrors from Jamal.
So I guess all the other sports and social clubs in Bermuda are not in need of assistance!? Or does this government not recognize those that don’t play football or cricket as “the people”
What about martial arts, golf, volleyball, swimming, squash, rugby, track and field, archery, Go Karting, street Bike racing, motocross racing, pedal bike/ mountain bike racing, Equestrian, netball, softball, basketball, tennis and so on. Football is one of the few sports in Bermuda where spectators are charged for entry and have a source of revenue. Most clubs get revenue by renting the fields and halls for concerts, social events, political meetings, and make money off the membership dues (social and players) bars, bingo, restaurants and so on. Cricket games make money from county games… gambling, bar sales, food stalls, family stalls and more. Football and Cricket are easily the most sponsored and financially supported sports! The leagues are sponsored, the senior and youth teams are sponsored, companies pay to advertise on and around the field and during TV time.
Other sports use the same size fields and tracks, and require as much or more money to play and train. Very few get close to the same financial backing from sponsors for their leagues, teams and events. Most if not all have great youth programs and support the community by keeping kids fit and busy. What about other clubs like music and the other arts? Are they not worthy of help if they need it and can prove it!
Jamal, this is a huge slap in the face to the rest of us!
Sad part is that Im not even slightly surprised by it. Your actions are almost predictable.
The Brown guy’s next government payment is coming up… it’s all a trap sports clubs… Beware!
Another PLP handout to a private business.
Where is that freakin bus that was supposed to have arrived here in January? Still ‘getting it ready for the road’ are you? Frikkin liars.
This government all I can do is shake my head. Instead of giving the money to the clubs why you don’t put into the youth centers… education….healthcare or housing things that really matter here in Bermuda.
I think we all know what will happen if the can’t (don’t) pay the loan back.