The Bermuda Economic Development Corporation (BEDC) was established in 1980 as the Bermuda Small Business Development Corporation. This joint venture between Bermuda’s banks and the Government was formed to actively assist the development of a strong, well managed and prosperous small business sector in Bermuda. In 2011, the BSBDC Act was amended to expand its remit. As a result the BSBDC changed its name to BEDC to encompass its expanded legislation. Under the new legislation the Corporation performs 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,
Defining a “Small Business”
Under the BEDC Act 2011, a “Small business” is defined as: Bermudian – owned and managed, operating locally, having an annual gross payroll not exceeding five hundred thousand dollars ($5000,000) and having annual sales revenues of less than one million dollars ($1,000,000).
Defining a “Medium Sized Business”
Under the BEDC Act, a “medium sized business” is 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