On Sunday, 18 October, the Bermuda Chamber of Commerce and the Department of Economic Development unveiled a new microloan programme aimed at supporting small businesses across the island. The initiative, designed to provide up to $10,000 in low‑interest loans, seeks to help entrepreneurs weather economic uncertainties and invest in growth.

The scheme will fund a maximum of 50 loans per year, with an annual interest rate of 5 % and a repayment period of three years. Applicants must be Bermuda‑registered businesses with a minimum one‑year track record and demonstrate a viable business plan. The application window opens on 15 November and closes on 15 December, with decisions expected by the end of January.

“Small businesses are the backbone of Bermuda’s economy. This microloan programme offers them a lifeline and the resources to innovate and expand,” said Minister of Economic Development, Hon. Jane Smith. The Chamber’s director, Michael Turner, added that the partnership will include financial literacy workshops to accompany the funding.

Local business owners have expressed optimism. Café owner Lisa Roberts said the loan would allow her to upgrade kitchen equipment and expand seating. A boutique tailor, James Clarke, noted the programme would help him purchase new fabrics and hire a part‑time assistant.

The announcement follows a broader push to diversify Bermuda’s economy, with the government encouraging entrepreneurship and technological investment as part of its long‑term recovery strategy.