Plans to boost small Bermudian businesses have received cross-party support from politicians.

MPs discussed a raft of changes to the Small Business Development Corporation on Friday night ? and these included increasing its functions and the amount of money it can lend to start-up entrepreneurs.

Finance Minister said the corporation was set up in 1980 to support and offer specialist advice to small traders, but changes needed to be made so it could flourish in the 21st Century. .

Ms Cox said the organisation could also help power the economic regeneration of North Hamilton, a policy emphasised in the recent Budget.

Shadow Finance Minister, , backed the changes and applauded moves to bring construction-related companies together to share business skills

Government Whip said it was a ?bold step? for the Minister to define a small business. Information about firms that fall into that group will be placed on a centrally-located public register.

The Act states that a small enterprise must have gross annual sales of less than $1 million or an annual payroll of less than $500,000.

Mr. Simmons urged young men and women interested in launching a small business to head to the corporation?s offices on Church Street.

?I have had long chats with them and they are on the money. They are fulfilling a need that this community is crying out for.?, the Opposition?s spokesman on economic empowerment, said the changes were exciting. But he told the House of Assembly that Bermuda was ?well behind the world? when it came to economic empowerment.

He said an inspirational small business owner could supplant the drug dealer and criminal as a role model for some youngsters.

Mr. Simmons added: ?The time for walking and crawling is done because the rest of the world is leaving us behind on this issue.?

Ms Cox said she was encouraged by the cross-party backing and stated that the aim was to make the Corporation, financed by Government and banks, a ?jewel in the crown?.

She added: ?The Corporation plays a pivotal role in fostering economic development in the commercial sector and will continue to be on the front line of providing support and creating solutions for the start-up and expansion of small local businesses.?

The Act also increases the size of the Corporation?s board, with a representative from the Ministry of Works, Engineering and Housing set to join to offer advice on how small firms can bid for Government work.

The amendment act was passed by the House of Assembly and will now go to the Senate.