BEDC seeks consultants to help craft five-year plan
The Bermuda Economic Development Corporation has begun a search for consultants to help it to prepare its next strategic plan.
According to a recent request for proposal, published on the government procurement website, the BEDC was “desirous of engaging a consultant/consultant firm” to help it to develop its next plan.
The request said: “BEDC is Bermuda's foremost resource for small and medium business and community enterprise through the provision of effective technical guidance, financial assistance, useful relationship networks, pertinent business intelligence and accurate and timely business and data-based policy advice.
“The end result of this contracting relationship will be a strategic plan to guide the organisation.”
Documents included in the RFP state that the BEDC’s previous five-year plan has come to an end and the body hopes to develop a new plan to guide its next five years.
“BEDC desires to hold a one-to-two-day retreat with the staff and board and potentially key stakeholders to map a way forward with the new plan,” the RFP said.
“This may result in the corporation looking and operating differently than it currently does.
“The successful vendor should develop a response for this RFP taking into consideration the project scope outlined.”
The consultant would be expected to conduct a strategic assessment of the BEDC and its programme areas, create a summary of the strategic review for discussion, design a facilitated strategic planning retreat and synthesise the discussions into a five-year strategic plan document for review and approval.
The BEDC has noted increased demand for its services and products, particularly in the wake of Covid-19.
“As of October 31, 2023, BEDC is securing 27 loans for businesses with the banks and the credit union, with $1,769,017 in guarantees,” the RFP stated.
“In addition, the BEDC is also carrying 220 business direct loans in repayment phase totalling $2,353,848 as of October 31, 2023.”
Submissions for the RFP are due by 5pm on January 12, with the vendor expected to be selected by the end of January.
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