Budding entrepreneurs at the western and eastern ends of the Island could be in line to receive a helping hand from Government.

The model of the Economic Empowerment Zone (EEZ), which has helped to commercially regenerate North East Hamilton, may be applied to other parts of the Island.

Friday's Throne Speech mentioned plans to establish an agency to oversee the EEZ, which in turn would report to the Bermuda Small Business Development Corporation (BSBDC).

BSBDC general manager Michelle Khaldun said data on the West End had already been gathered through a survey and through focus groups to gauge the area's suitability for an EEZ.

"I suspect that the issues that we heard from the western focus groups are different from those of North Hamilton, but the model will be the same," Ms Khaldun said.

The East End will also be surveyed to assess the need for an EEZ, she added.

"We're not trying to build a big organisation here, we want to work with the community, and through partnership with the private sector, to ensure that people feel empowered," Ms Khaldun said.

"The EEZs are not supposed to be permanent. They are just there to give communities that need it a leg-up. After ten years, the programmes will fall away."

Companies including Bank of Bermuda and Butterfield Bank have helped the EEZ's effectiveness by offering special financing terms on various types of loans. Grants and some tax breaks are available through the programme.

Ms Khaldun believes that the Bermudian entrepreneurial spirit is alive and well. "I find that with young people, they no longer think that the first port of call is to come back and work for someone else," she said.

She said although people might start their own business to pursue a passion, most seemed well aware of the importance of its financial feasibility. And the global financial crisis that is now impinging on Bermuda was not putting off would-be entrepreneurs, she added.

"There are business opportunities in an economic downturn," Ms Khaldun said. "That is the flip side. I would say people are more cautious about going into business right now and more conscious of the need to make a profit. Maybe they will stay a bit longer in their job and move gradually into the business."

In the legislative pipeline are plans to change the name of the BSBDC to the Bermuda Economic Development Corporation (BEDC). The organisation will get a range of new powers to effectively govern the EEZs.

The Economic Empowerment Zone Agency (EEZA), which will report to the BEDC and its board, will be established to run the EEZs.

The next phase of the EEZ initiative will be to present a local plan for North Hamilton containing detailed land use policies and design regulations for each district.