Low-cost loans to develop sports clubs

  • Sports minister Michael Weeks, left, with economic development minister Jamahl Simmons (Photograph supplied)

    Sports minister Michael Weeks, left, with economic development minister Jamahl Simmons (Photograph supplied)

Sports clubs are to receive cheap loans from the Bermuda Government to enhance their venues.

The loans, ranging from $2,500 to $25,000, will come from a pool of $150,000 allocated to the Bermuda Economic Development Corporation.

The programme, a promise in the 2017 Throne Speech, was unveiled by Jamahl Simmons, the Minister of Economic Development and Tourism, and Michael Weeks, the Minister of Social Development and Sport, at a forum on Tuesday night held in the Bermuda Industrial Union’s headquarters.

Approved loans will be subject to a 2.5 per cent interest rate, or 2 per cent in economic empowerment zones, with repayment to commence between nine and 36 months.

The loans will be unsecured, without requiring collateral.

Clubs will be able to use the funds for revenue-generating upgrades, from new bar and kitchen equipment to better parking facilities.

The seminar, attended by heads of sports organisations, heard that clubs have historically played a key community role.

Mr Simmons said they could also boost economic development, by “creating an environment to foster micro-enterprise or vendors, to facilitating business development through renting out physical space to established entrepreneurs”.

Mr Simmons called it “a hand up, and not a handout”.

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Published Oct 18, 2018 at 8:00 am (Updated Oct 18, 2018 at 8:05 am)

Low-cost loans to develop sports clubs

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