Bermuda’s small and medium-sized businesses were kept afloat with $4.4 million in aid from the Bermuda Economic Development Corporation since the onset of the pandemic in March 2020, the House of Assembly heard this morning.

David Burt, the Premier, told MPs the Ministry of Finance’s extra $12 million grant last year had “dramatically” boosted the BEDC’s ability to help businesses “survive over these last 16 months”.

He added: “Over the last 16 months, BEDC has approved 255 applications, significantly outpacing approvals in a “normal” year, for a total of $4.36 million to assist our local small and medium-sized businesses in a variety of financing options.“

Mr Burt provided a detailed breakdown of loans and funding to date, saying continued assistance would be necessary – with a further $3 million to $4 million in support to be used by the end of the present fiscal year.

The BEDC is expected to continue to provide Covid-19 funding support until March 31, 2022.

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BEDC statement.pdf

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