The Ministry of Economy and Labour has released the Economic Development Strategy's Strategic Priority Three: Entrepreneurship and Small Business Development. Strategic Priority Three aims to encourage economic growth for Bermuda's local micro, small and medium-sized businesses and to facilitate the development and sustainability of a thriving world-class entrepreneurial ecosystem in Bermuda. Entrepreneurship and small business development are critically important to the Bermudian economy, creating jobs, fostering innovation, supporting the diversification of goods and services consumed and contributing to economic growth. To accelerate entrepreneurial activity, Priority Three focuses on expanding Bermuda’s entrepreneurial ecosystem, encouraging more individuals to consider entrepreneurship a viable career choice, and supporting them on their journey.
The Economic Development Strategy, available online at gov.bm, provides a framework to guide Bermuda to sustainable economic growth and development and contains five strategic priorities that focus on maintaining high employment rates and increasing the range of well-remunerated jobs allowing for strong and sustainable growth and development.
The five strategic priorities are:
- Local and International Business Retention and Expansion;
- Business Attraction and Investment promotion;
- Entrepreneurship and Small Business Development;
- Continued Execution of the Economic Recovery Plan; and,
- People.
These five priorities work alongside the strategic initiatives and focus on improving and expanding the economy and increasing the working population. These initiatives will provide direction and drive the work plans of Bermuda's economic development organisations which fall under the Ministry of Economy and Labour. Strategic Priority Three focuses on the Government's commitment to work through the Bermuda Economic Development Corporation to support new and existing businesses with education, guidance, advocacy, networking and financing opportunities.
Minister Hayward explained, “The BEDC continues to explore new initiatives to support the growth of small and medium-sized businesses in Bermuda and remains committed to fostering entrepreneurship and economic development.”
“Presently, they offer various financing options, such as low-interest microloans and loan guarantees to help small businesses access capital. Entrepreneurship development is prioritised through workshops, training, and mentorship programs that equip aspiring entrepreneurs with essential skills. The Enterprise Bermuda incubation program provides free office space, shared resources, and ongoing support for startups for 12 months.”
“BEDC also offers free advisory services, connecting businesses with experts and providing planning, research, and compliance guidance. In addition, specific programs such as the New Startups Payroll Tax Relief, HM Customs Letter of Credit Program, EEZ Custom Duty Deferment, and EEZ Payroll Tax Relief are all designed to provide financial relief and incentives for small businesses.
“I encourage all entrepreneurs or those considering entrepreneurship as a career to contact the BEDC and tap into the incredible number of resources available to launch and help your business thrive.”
The Economic Development Strategy and Strategic Priorities One to Three are available online in the Resources section at www.gov.bm/ministry/economy-and-labour.