OBA suggests the entire Island should be an EEZ
Government should be giving all businesses a helping hand to try to secure Bermuda’s economy rather than limiting help to specific areas.This was the view of Opposition politicians in the Upper House as they debated a revised bill to give more powers to the Bermuda Small Business Development Corporation (BSBDC).It was suggested by One Bermuda Alliance that the whole of Bermuda should become an Economic Empowerment Zone (EEZ) to encourage entrepreneurship during these tough times.Economy, Trade and Industry Minister Kim Wilson said the BSBDC would be giving much-needed grants of up to $10,000 to new and existing enterprises in North East Hamilton, as well as Somerset and St George’s. She said $274,000 had been given out to 35 businesses.Senator Wilson said the bill was all about “putting entrepreneurs first” as the BSBDC gave “added impetus to transform new ideas from concept to reality”.Under the Bermuda Small Business Development Corporation Amendment Act, the body will now also be able to help medium-sized businesses and will be renamed the Bermuda Economic Development Corporation. The body will have a new organisational structure and positions will be renamed.Senators unanimously passed the amendment following a lengthy debate in the House of Assembly where Opposition MPs branded it “Mickey Mouse legislation” and “laughable”.Shadow National Security Minister Michael Dunkley praised the group’s “long-standing impact on the community” but raised concerns about its limiting nature.He said: “We should have an Economic Empowerment Zone (EEZ) throughout Bermuda. We should open it up to the entire island instead of just selected areas.”Sen Dunkley also urged the group to make sure it was acting in an “accountable fashion” saying Bills shouldn’t be passed only for “something else to pop up” at a later date.He said: “As legislators we need to make sure we are protecting the taxpayers’ purse. This is the only way the public will have confidence in us.“We can’t just have a blanket issue of grants, I have real concerns about how things are being granted and monitored. We need value for money.”Shadow Economy, Trade and Industry Minister Craig Cannonier sang the praises of the BSBDC saying he had previously been a recipient of a grant himself.He added that the organisation had to “continue to expand” so that it could further promote the rise of entrepreneurs.However, Senator Cannonier warned: “We need to be responsible when it comes to giving out money. We have to ensure that all causes are comprehensive and that there are no loopholes.“We have to look to watch our pennies when we are spending the public purse”.Shadow Health Minister Kathy Michelmore said she welcomed the clarifications and tighter conditions, but said: “The sequence of what has happened is interesting. The BSBDC has been awarding grants in the past and now we are bringing legislation to formalise this”.Independent Senator Walwyn Hughes said he recognised that BSBDC was “doing very good things for the community and helping an awful lot of people”.Government Senators Jonathan Smith, Cromwell Shakir and David Burt all voiced their support for the bill saying many entrepreneurs didn’t have anywhere else to go for help.Senator Smith, Junior National Security Minister, said: “We all know businesses are the drivers of our economy. Giving grants is critical, it’s ‘here’s a hand, get it started.”Senator Smith added that the success stories of the BSBDC could be seen on its website.