Video: Premier, BEDC, BCU Press Conference

August 6, 2020

[Updated] Premier David Burt along with the Bermuda Economic Development Corporation and the Bermuda Credit Union are holding a press conference this afternoon [Aug 6] to announce a new partnership. We will have additional coverage later on and in the meantime the live video is below.

Update: The live broadcast has concluded and the 16-minute replay is below

Update: Speaking at last night’s [Aug 6] press briefing, Premier Burt said, “Today, I was pleased to participate with the Bermuda Economic Development Corporation and Bermuda Credit Union press conference to announce an initiative that reduces 50% of the red tape that small business owners face, and helps entrepreneur, access funds, guaranteed by the BEDC much faster.

“Previously, entrepreneurs had to go to the BEDC, seek their approval, and then go to a financial institution, seek their approval and if successful, then receive the funds.

“Under this new agreement, the Credit Union and the BEDC have agreed underwriting terms, meaning the entrepreneur who needs funding will go to the Credit Union and if they meet their criteria, the BEDC will guarantee up to 75% of the loan. This will put money into the hands of the small business owner faster, giving them the financing they need to launch, any new business enterprise sooner.

“It is hoped that the island’s three retail banks will soon begin to start offering this service as well. However, we are thrilled to launch this streamlined programme with the Bermuda Credit Union.”

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