Govt. set to boost loans to small businesses
A massive cash boost for small businesses is in the pipeline, it was revealed last night.
Premier Pamela Gordon announced in a TV broadcast last night that loans of between $50,000 and $500,000 are set to be handed out.
In a pre-General Election push for the United Bermuda Party, Ms Gordon pledged that the crackdown on drugs and crime would continue.
But she added: "We must also expand real opportunities in the marketplace.
"The Bermuda Small Businesss Initiative will include the development of a capital assistance programme.
"This private/public partnership will make capital loans of $50,000 to $500,000 available to small businesses in Bermuda.'' It is understood full details of the new deal to kick-start small entrepreneurs will be announced by Development and Opportunity Minister Jerome Dill.
Mr. Dill was last night reluctant to reveal further information on the business boost prior to a formal announcement.
But he said: "It's an exciting private and public initiative -- we will be working very closely with the private sector on this.'' Ms Gordon also announced a new business development programme on land at the former US Naval Air Station, now called Southside.
She said fledgling businesses would be able to cut costs by sharing office space, clerical and accounting support, equipment and conference rooms.
The news came as the Premier announced the UBP's new blueprint for the future of the Island, "Keys to Partnership -- the Plan for Bermuda's Future'', scheduled to run for the next five years and beyond.
Ms Gordon said the plan "offered every Bermudian a full partnership in our Country's future and its prosperity.'' She added: "It's specific and detailed and reflects my total commitment and that of my party to a new era for Bermuda and Bermudians.'' And she claimed: "We have not forgotten a single piece of the fabric which binds Bermuda together.'' Ms Gordon added: "We are fortunate that Bermuda has very few unemployed, but we have to help those who are unemployed.'' She said education and training would be provided to help people share in the Island's success.
But Ms Gordon added: "Our philosophy is simple -- we will help those who will help themselves.'' And she said financial and other assistance would go to people who were prepared to "roll up their sleeves and go to work.'' Ms Gordon also promised that "new links with business and foreign governments'' would be set up to "make sure these training opportunities take place.'' Elsewhere in the 13-minute broadcast, Ms Gordon said that drug dealers both big and small were in the sights of Government and Police.
And she added an Associate Degree in Criminal Justice at Bermuda College would be tailored to providing top quality recruits for the Police, Prison Service and even private security firms.
And she said Cabinet had agreed to submit to random drugs testing and that Ministers would also join in the "Drugs Don't Work Here'' programme in a bid to show leadership in the battle against drug abuse.
BUSINESS BUC