Hamilton, Bermuda 27 June 2022 – Today BEDC joins the world to recognize Micro, Small, and Medium-Sized Enterprises (MSMEs). MSME’s play a vital role in stimulating economic growth and providing employment for vulnerable groups in all communities.
The United Nations General Assembly designated June 27th as MSME Day to raise awareness of the many contributions that micro, small and medium enterprises make to economies worldwide. According to the UN, MSMEs account for 90% of businesses, 60 to 70% of employment, and 50% of GDP worldwide. As the backbone of societies everywhere, they contribute to local and national economies and to sustaining livelihoods among the working poor, women, youth, and groups in vulnerable situations.
Bermuda is no exception; thousands of MSMEs support the local economy, so today, their contributions are recognized, highlighting a few of them in our Economic Empowerment Zones.
The EEZs located in North Hamilton, Somerset, and St. Georges, were created to help close the inequity gaps in certain designated geographical areas. The work that takes place in these areas is focused on striking a balance between the economic environment and the social and physical environments. BEDC supports businesses in these areas by offering Government concessions, including payroll tax relief, customs duty deferment, and preferential rates and fees for financial products. In addition, the BEDC has MSME Officers that support businesses located in each of the EEZs. New Incubator Hubs are being launched in each of the Zones this year to provide even more access to assistance.
Ray Lambert, BEDC Director of the Micro, Small & Medium Enterprises, said, “It is important for us to recognize the contributions the small businesses make on our local economy. MSME Day is just one that has been designated to do this, but we encourage all to celebrate these businesses by patronizing these establishments. When we shop locally the entire community benefits. created to highlight and bring awareness to small businesses.” He continues, “these businesses are at the heart of the community and in most cases embody the culture of Bermuda.”
Join the BEDC in celebrating MSMEs today buy shopping locally.
Bermuda Economic Development Corporation (BEDC) is Bermuda’s premier source of free confidential business advice for entrepreneurs. The mission is to serve Bermuda’s local business community with the highest degree of professionalism by providing, authoritative business advice; counsel and loan guarantee support. Bermuda Business Starts Here! For more information visit www.bedc.bm.