The Bermuda Economic Development Corporation supported entrepreneurs to the tune of more than $530,000 in 2024, the organisation has reported.

Reviewing the year, the BEDC said it had “approved 19 micro loans and loan guarantees thus far in 2024 providing over $530,000 in financing to local [micro, small and medium enterprises], enabling businesses to secure essential funding for start-up and expansion”.

It added: “BEDC supported clients in maintaining financial stability while managing its loan portfolio.

“Between January and November BEDC received 703 payments on micro loans totalling $464,000 of which 25 business owners satisfied their loans with BEDC, repaying in full in the amount of $412,000.”

The organisation said its Enterprise Bermuda incubator and accelerator programmes “nurtured 22 entrepreneurs in 2024, delivering intensive one-on-one mentorship, training and resources”.

The BEDC added: “Graduates from both programmes benefited from innovative strategies that directly enhanced their business operations.”

The organisation said its youth outreach programmes “inspired future business leaders by engaging over 1,200 students in 2024 through career fairs and entrepreneurial activities.

“Programmes at Warwick Academy and Victor Scott Primary introduced ‘Kidpreneurs 101’ with foundational concepts, including business planning and entrepreneurial mindset development.

“Notable events included the Warwick Academy Career Fair with over 100 attendees, the Berkeley Career Fair with over 250 attendees, and the Wave of Opportunity Youth Pitch Finals with over 225 attendees.”

The BEDC said it offered five multi-week courses in 2024 to 96 participants and offered 14 seminars and webinars that attracted more than 560 participants.

The organisation said that its ByBermuda e-commerce platform “supported 29 businesses and 78 customers in 2024 for both products and services, generating sales and enhancing digital commerce adoption among small businesses”.

The BEDC said its “Eat! Shop! Play!” incentive programme garnered participation from 147 businesses helping to generate significant holiday spending in the four [economic empowerment zones] over this Christmas period.

“In 2023, $154,000 in sales revenue was generated by consumers in three zones and with the addition of the South East Hamilton EEZ this year, it is anticipated that spending over the December to January period will exceed $200,000.”

The organisation added: “BEDC supported the organising of four Court Street Vendor Markets in 2024, averaging 40 vendors and 1,000 attendees per event, contributing at least $30,000 in sales to local businesses, as well as supported the Bermuda Breeze Market in the Town of St George during the cruise ship season.”

The BEDC said its pilot Walsingham Agricultural Co-operative generated $12,000 in revenue from crops such as pumpkins and potatoes.

It added: “Two small landscapers were engaged to maintain the site, and collaborations with Hideaway Farms and Agra Living resulted in hosted educational sessions at the site for primary school students.”

The organisation said it hosted seminars and education events in the island’s economic empowerment zones, and the Small Business Expo, which combined attracted more than 600 participants.

The BEDC said more than 30 sports clubs attended a workshop in November that aimed at strengthening their business operations and sustainability.

The organisation continued its underutilised commercial kitchens programme in 2024.

The BEDC said: “Small businesses accessed cost-effective culinary spaces, fostering growth and innovation in Bermuda’s food sector.

“Sublease agreements were signed by six entrepreneurs under the programme, generating $34,000 in revenue in 2024 against $33,000 in expenses, tangibly showing support for small-scale food entrepreneurs.”

It added: “A well-received food-costing workshop, held by the BEDC in November during Global Entrepreneurship Week, was attended by 37 business owners.”

The BEDC said the week “was a success with over 1,100 entrepreneurs and stakeholders engaged through the week with a variety of activities from workshops, to pitch competitions, to networking events, to award ceremonies and impactful summits targeted at men and women”.