During Refugee Week Australia — Tuesday 18th June 2024 – Thrive Refugee Enterprise (Thrive), the Australian NGO enabling refugees with finance and planning support to start their own business, today released its latest client economic findings that adds more than 750 small businesses to the Australian economy, contributing over $60Million per annum.
Huy Truong, Thrive Refugee Enterprise Co-founder and Executive Chairman said: "For Thrive to have achieved this economic outcome for arrived refugees in Australia is testament to their entrepreneurial spirit, work ethic and determination. It's also an endorsement of Thrive's strategy to apply $15Million of financial capital, commercial analysis and support to refugees that have largely been excluded from mainstream business credit markets. We would like to acknowledge partners who have provided funding support to enable Thrive to operate. These include some of Australia's key philanthropic foundations, Westpac and the Australia Government."
The results of Thrive's annual Refugee Client Impact Survey in five key performance areas show improved refugee confidence in outlook for their future in Australia, business and social outcomes –
- An increase in skills adoption and business knowledge
- An improvement in English language skills
- An increase in level of confidence to manage small business
- Better access to the services and support they need
- Improved connection to the community
Huy Truong added: "With about 1/3 of Australia's GDP being from SMEs, small business is an important pathway for refugees (many of whom came here as small business operators) to financially rebuild their lives and participate fully in the Australian economy. We are also excited to announce Thrive will be expanding our mission for economic empowerment of refugees into traditional employment, where we can directly assist more employers who seek to employ refugees for commercial and social responsibility objectives."
On Refugee Day this year, Thrive is pleased to be a guest of the Australian Federal Government in Sydney, when it brings together their refugee clients, private sector partners and community group partners who are all working together to build economic participation for all humanitarian entrants into Australia. Thrive is also recognised as the Refugee Council of Australia's Economic Participation Partner during Refugee Week.
