The Bank of Bermuda and the Small Business Development Corporation are collaborating to assist entrepreneurs in North Hamilton realise their dreams.

The initiative follows Government proposals announced last November to create an economic power zone in North Hamilton.

The Finance Minister Paula Cox yesterday announced the initiative at a press conference held at the Cabinet Boardroom attended by Bank of Bermuda CEO Phillip Butterfield and BSBDC General Manager Michelle Khaldun.

?We have been able to partner with other interested groups and the outcome of this collaboration has been a new tool that will empower the entrepreneurs that work within an economic zone that encompasses Victoria Street, Parliament Street and King Street,? Ms Cox said.

?Over the next few weeks, the BSBDC will work with the North Hamilton community to finalise the boundaries of this economic zone.?

Businesses within this zone will benefit from assistance in the form of financial advice, flexible financing arrangements and business and management expertise.

The Bank of Bermuda and BSBDC are working together to design and set out the criteria that will be used to assist North Hamilton businesses to expand and enhance their operations.

This may involve upgrades to the physical plant, major renovations or the purchase of new equipment.

?As a former resident of North Hamilton ? one who was nurtured in what is commonly known as the Back of Town ? this particular initiative holds particular importance to me on a personal basis,? Mr. Butterfield explained.

?Our intent is to provide structuring advice and financial support in various forms including the availability of private equity.?

?We are committed to the small business sector and we view this partnership as an enabling activity and the first of many opportunities where we can demonstrate our commitment to levelling the playing field and breaking down the barriers to entry and view this is as a start.?

Last year the Bank of Bermuda opened the Small Business Centre and hired former BSBDC General Manager Neville Grant for his expertise and familiarity with the needs of small business owners.