Sports Event Investment Application
Tourism Sports Event Investment Process
Please read the following guidelines before making an application
Statement of Purpose
A Bermuda tourism sports event is defined as a journey that visitors embark on which connects them to Bermuda, creates unforgettable memories and encourages them to return. The purpose of the Tourism Sports Event Investment is to support events that enhance the overall tourism product, attracts visitors to the island and gives them additional activity options while on our island shores.
Applications open – March 1, 2019
Applications should be submitted at least 6 months in advance of the event
Successful applicants will be announced on –
Who is Eligible?
In order to be eligible to apply for the Tourism Sports Event Investment, you must be a part of one of the following:
- Profit or non-profit organisation that is directly related to tourism or tourism development
- Individual, group or organisation interested in undertaking tourism-related initiatives
Funds may be awarded to a tourism related experience developer that:
- Submits a request for funding utilizing the official Tourism Sports Event Investment
- Whose mission and operation is directly related to tourism and tourism development in Bermuda.
Any experience that exhibits the following will be considered ineligible:
• Experiences that require the Bermuda Tourism Authority to cover the full cost
• Experiences not occurring in Bermuda or related to Bermuda tourism
• The funding request is to offset any expense(s) associated with a previous venture
• Requests for permanent funding
• Experiences that do not align with the goals of the National Tourism Plan
• Applications that have been submitted after the deadline
• Hardcopy, handwritten or faxed applications
Also any of the following categories of events are ineligible:
- Promotional/ business exhibitions
- Tradeshows or Expos (If the main activity of the event is a products/services showcase, the event would be considered an expo)
Priority will be given to those experiences that are annual and highly competitive. You can ensure that your programme is ranked accordingly if it has the ability to include any of the following elements:
- Applications with a viable business/marketing plan
- The attraction of international visitors travelling specifically for an event
- Multiple sources of funding i.e. beyond solely BTA
- Provision of matching funds
- Has letters of support (2 required)
- Experiences that align with the Bermuda National Tourism Plan
- A celebrity and/or sporting personality attending or participating in an event
Funding requests must not exceed $75,000. A decision may be made to award a lesser or greater amount than requested. It must be noted that funding is competitive and on some occasions experiences that sufficiently meet the criteria may be awarded partial support.
Appropriate Use of Funds
The event developer is fully responsible for the use of funds awarded and therefore should take the proper measures to ensure that funds are being used appropriately. For these purposes, funds will not be awarded for:
• Standard operational costs – such as rent, utilities, payroll, etc.
• Staff travel expenses - (including gas, mileage, airfare, transportation, etc.)
• Previous business expenditures
If the event application is successful, funds must be appropriately utilized within 1 year. Once the event is completed or moved on from the start-up phase, it is the applicant’s responsibility to submit the Post Experience Report no more than 30 days after completion. Until this form can be provided to the BTA, within the submission deadline, the remaining funds will not be distributed.
Proof of Funds
As a provision of accepting the investment, awardees must provide adequate proof that the funds received were used as intended. Submissions must include all invoices, receipts, statements and other documents supporting the costs incurred during the event life cycle. The BTA will be reviewing reports and checking that applicants have demonstrated acceptable use of funding.
Disbursement of Funds
The BTA will provide a percentage of the investment awarded once a contract has been signed. Each successful applicant will be paid by milestone payments which will be tied to performance based reporting requirements. The final payment of funds will be made once the Post Event Report has been received by the BTA. Awardees must provide adequate proof that the funds received were used as intended. The BTA reserves the right to audit the Event Developer to demonstrate that the funds were used as intended.
BTA Return on Investment
The BTA’s goal is to encourage investments that will significantly enhance the tourism industry in Bermuda. If the event is profitable, the BTA reserves the right, to require repayment of a percentage of the total amount, up to 100%, so that the BTA can re-invest capital into additional tourism product and experiences.
- The Tourism Sports Event Investment application is web-based. Therefore, all responses must be directly typed in the spaces provided.
- Make sure that you read each question carefully and ensure that you are answering the questions correctly. Please answer the questions in the relevant category of the application.
- When you are ready to submit, make sure that you have answered all relevant questions and ensure that all supporting documentation has been uploaded.
- By signing your name in the designated section, you agree that your electronic signature is the legal equivalent to your written signature as stated in the “electronic signature agreement” of the experience form.