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Established in 1980 as the Bermuda Small Business Development Corporation and over time has evolved and changed its name to The Bermuda Economic Development Corporation (BEDC). It was origiinally formed to actively assist the development of a strong, well managed and prosperous small business sector in Bermuda. In 2011, the BSBDC Act was amended to expand its remit. BSBDC changed its name to BEDC to encompass its expanded legislation.