The Bermuda Economic Development Corporation has partnered with the Global Atlantic Re Foundation to provide its programme participants with $150,000 a year in capital grants.

These grants will be issued through a September pitch competition in which entrepreneurs showcase their businesses and pitch their ideas to a panel of judges. Five entrepreneurs will receive up to $25,000 each.

Darryl Herrick, president of Global Atlantic Re, said: “The ability to help entrepreneurs realise their full potential holds special meaning for Global Atlantic. We are looking forward to our long-term partnership with the BEDC and the opportunity to meet, evaluate and support some of the island’s brightest business minds and innovators.”

The BEDC has supported the growth and development of small businesses in Bermuda for 43 years, helping to launch countless successful businesses and providing training, mentorship and networking opportunities to entrepreneurs.

Jache Adams, chairman of the BEDC board, said the new partnership is a significant milestone.

He said: “The Global Atlantic Re Foundation will provide grants to BEDC programme participants, and we are excited about the opportunities this will create for entrepreneurs and small businesses.”

Erica Smith, BEDC executive director, said: “This support will help to fuel the growth and success of small businesses throughout Bermuda, providing much needed capital to help businesses expand, hire more employees and contribute to the local economy.”