Bermuda's business community was given an insight into what the North East Hamilton Economic Empowerment Zone (EEZ) will mean for them at a meeting yesterday.

The event, which was hosted by the Chamber of Commerce at the Fairmont Hamilton Princess hotel, saw traders and professionals from across the Island come together to listen to the Bermuda Small Business Development Corporation's (BSBDC) EEZ project manager Erica Smith speak about how the initiative will work.

Finance Minister Paula Cox, Chamber of Commerce president Phil Barnett and some of the key stakeholders in the project were in attendance as Ms Smith illustrated what form the EEZ will take.

Ms Smith said the initiative started as a result of a clear gap in the social, economic and environmental conditions in North East Hamilton, with a survey carried out in 2006 revealing a number of disparities including a medium household income of $55,000 in the area compared to $84,000 in the rest of Bermuda and an unemployment rate of five percent versus 2.5 percent.

She said the focus of the EEZ was to close that gap between the two regions and strike a balance between the social, economic and physical environment via EEZ and BSBDC loans and grants, duty exemption for retailers on capital items, duty deferment and preferential rates and terms from the Bank of Bermuda and Butterfield Bank for residents and businesses, financial courses, and grants given to community organisations.

Highlighted among the matters which needed to be addressed according to a 2006/07 site analysis to determine specific land uses in the zone, were a lack of open space and public transport into the area and limited diversity in commercial and retail uses within the zone.