The Bermuda Small Business Development Corporation (BSBDC) have proposed the creation of Outside Vendor Markets and free Business Service Incubators for small construction contractors.

Finance Minister Paula Cox announced the initiatives yesterday at a press conference at Cabinet Office that are designed as a multi-pronged approach to assist small and emerging businesses.

The plans fall under the Government?s Empowerment Initiative and BSBDC Chairman Calvin Smith and General Manager Michelle Khaldun have worked closely with the Ministry of Finance through the Financial Secretary Donald Scott to assist entrepreneurs.

?The Government intends to work with peddlars both individually and in groups to establish accessible, ample and secure sites in various locations throughout the Island for our budding entrepreneurs to ply their wares,? Ms Cox said.

?Currently, BSBDC are in talks with a vendor group to procure a centrally located site and create the first outside Vendor Market.??Working closely with the Ministry of Works, Engineering and Housing, a proper infrastructure is to be designed. BSBDC will work with this group to develop fair and effective operational policies.?

Ms Cox said the BSBDC will also be offering all vendors information and advice to ensure that their enterprise ventures have the best chances for profitability and success.

?We will not stop at this one site. BSBDC are currently in talks with the Ministry of Works, Engineering and Housing to select two other sites at the eastern and western ends of the Island.?

?This will allow both existing and new vendors with enough opportunities to sell their goods on established Market Days at sites where parking and traffic congestion and hazzards are not an issue.?

BSBDC is charged with ensuring that stakeholders and interested persons are consulted - listening to not only concerns and challenges but also entertaining any viable creative enterprise ideas that are appropriate. ?The second initiative I wish to highlight is the plan to form a Contractor Business Service Incubator for small construction related companies. The strengthening and support for small contractors is essential for Bermuda.?

BSBDC is designing this free service that will be provided by professionals and offered to qualifying small companies in masonry, carpentry, electrical, tiling, and flooring and plumbing trades for a specific time period.

?This will enable these highly skilled tradesmen to augment their business management skills learning and understanding of the principles and practices of sound business planning and management practices.?

Over the past few months BSBDC held several focus group meetings with small contractors in these trades to express and air their views.

The findings from these discussions provided the basis for plans to assist this particular sector. BSSBDC determined that as a helping agency it could attend to some of the concerns expressed.

Some of the issues to be addressed are improving communication with the Tax Commissioner and Social Insurance, providing information regarding architect?s draw-down and payment process requirements.

Other issues include showing how to use contracts a protection as a sub contractor, fundamentals of business, bookkeeping, business planning, doing credit checks, funding requests, bidding for Government jobs, getting affordable health insurance and the importance of networking.