St George’s residents were last night given hope their town’s untapped potential will finally bear fruit thanks to its new economic empowerment zone.Bermuda Small Business Development Corporation (BSBDC) officials told a public meeting they’d completed research showing around half of businesses in the Old Town, dubbed a ghost town by many, are not able to pay themselves a regular salary.But they pledged this could be turned around under the EEZ through incentives like small grants, larger interest free loans and tax breaks and pushing for the kind of Government support that has helped revitalise Dockyard in recent years.They hope to breathe new life into St George’s by increasing cruise ships docking, making public transport more user friendly, better promotions and marketing of the town’s heritage, more local entertainment and starting up businesses based on St George’s market.The town will be established as a duty-free zone, Government departments and boutique offices will be lured and public-private partnerships will be set up, while they will address crime concerns by pushing for a 24-hour operational police station.Director Erica Smith and business development officer Roxanne Christopher, who have overseen the EEZ project in Hamilton, made a presentation to around 20 residents at Penno’s Wharf last night.Ms Smith said: “Our opinion, based on our research, is that the East End has many, many, many assets in untapped potential. Really, we have got it all here. It just needs a coordinated effort to bring it all to the forefront.”She said 164 businesses have been identified in the St George’s Economic Empowerment Zone, of which just over half are older than five years. Three-quarters of those businesses don’t own their premises, but 88 percent of them described their location as a strength and about half felt the business potential for the area was excellent.However, 59 percent of businesses felt financing was a weakness; 74 percent had not prepared financial statements and 53 percent were not able to pay themselves a salary. Just over a third had applied for a business loan and been denied.Nearly half the residents in the parish are aged 35 to 54, while more than half of households have an income between $50,000 and $120,000, said Ms Smith, indicating the potential for businesses and services.Residents named retail as the type of business they would most like to see, followed by home repair and then health services.Ms Christopher said the EEZ can act as a guarantor for new businesses trying to get loans from banks, and can help with negotiations on payments.She said seminars and courses will be set up, including speed networking: an initiative similar to speed dating in which hopeful entrepreneurs hold quickfire interviews with a range of service providers.Ms Christopher said the BSBDC would also try to simplify some of the seemingly complicated business methods.“We have taken the text book and made everything layman’s terms,” she said.“We are going to be delivering. We have delivered and we are coming to support you.”The St George’s EEZ begins in the Mullet Bay area, continuing to St George’s Cricket Club, and includes the entire town of St George, Tobacco Bay and Fort St Catherine.Useful website: www.bsbdc.bm