Bermuda Small Business Development Corporation was established in 1980 as a joint venture or Quango between the Government and three banks, Butterfield Bank, Bank of Bermuda and Bermuda Commercial Bank. The key objective and function is to assist the development of a strong, well managed and prosperous small business sector in Bermuda by providing existing and potential small business owners with a broad range of business advice and financial assistance

 

BSBDC is a dynamic and flexible organization. During its first decade of operation, the staff provided general start-up guidance, provided loan guarantees which served as collateral for bank loans for persons who may have otherwise been declined by the Bank, as well as provided general book-keeping advice. However in the early nineties as the small business landscape changed and grew from "mom and pop operations" to employing more persons, competition grew and market demands became more complex. BSBDC then began to offer reasonably priced quarterly seminars and workshops to enable these entrepreneurs to educate themselves on relevant topics such as - Managing Cash Flow, Controlling Expenses and Overhead, Developing marketing plans and communication strategies and many others.

 

Along with organizing these workshops which featured well known and experienced local business professionals in the relevant fields, BSBDC also established a business resource lending library for the entrepreneurs to borrow business manuals, videos and periodicals which provided current information on various small business areas of interest.

 

The officers of the BSBDC provide an average of  three hundred and fifty private business advisory sessions on an annual basis covering numerous types of businesses, clothing retailer, restaurant, internet based business, computer cabling, senior residences, child care nurseries, carpentry, truckers, water based sports and other tourist related ventures and home-based businesses to name a few.

 

This free confidential counselling has been one on one which in many cases ended in the production of a business plan and a BSBDC Guarantee for the loan to start a new business.  To date BSBDC has supported in excess of $20,000,000 (twenty million dollars) in bank loans through the Loan Guarantee program directly assisting close to four hundred business persons in this manner. Presently, BSBDC has sixty seven guarantees in the amount of $2,757,005 outstanding supporting loans totalling $5,531,600.  While, there is no charge for BSBDC advice, there is however a small 1% Guarantee fee for the guarantees provided to clients.

 

BSBDC Board and staff remain committed to partnering with and for the success of the small business owner and their companies in Bermuda. We are continuously evaluating and assessing Bermuda's economy to ensure that this sector continues to have the resources and support to become increasingly successful and maintain and fulfil its vital role in Bermuda