Investing in entrepreneurial refugees to kick-start their success in Australia.
IMPACT AREA: Decent Work and Economic Growth, Reduced Inequality, Quality Education
It takes an average of 7-8 years after a refugee arrives in Australia for them to reach financial security. Thrive aims to reduce this through helping refugees start their own businesses, leading to faster economic independence and social integration into the Australian community.
Every year, around 19,000 refugees are resettled in Australia. When they arrive, they face barriers to finding meaningful work through social and economic isolation. Thrive Refugee Enterprise helps refugees by helping them to understand the Australian business market, providing microfinance loans and ongoing mentoring.
After working with clients to determine the market opportunity for their small business, Thrive connects them with a volunteer to develop a business plan, and then post-loan mentoring to ensure their businesses succeed. Since launching in 2017, Thrive has loaned $2million to help establish 117 refugee-run businesses, creating 130 permanent jobs across NSW and Vic. Currently, Thrive is assisting 600 entrepreneurial refugees to launch their businesses.