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Thrive Refugee Enterprise releases latest economic findings on its refugee clients contributing over $60Million to the Australian economy. Results of annual Thrive Client Impact Survey show improved business confidence.

Thrive Refugee Enterprise 3 mins read

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 Thrives 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. 

For more information and to arrange an interview with Huy Truong contact:

Annie Walsh, Head of Communications,

Thrive Refugee Enterprise, m. 0404 315 875

 

About Thrive Refugee Enterprise

Thrive is the leading Australian NGO passionate about our mission to build a brighter future for refugees in Australia by facilitating a pathway into small business and self-employment through business planning, financial capital and ongoing support. We provide business support tailored to our clients' unique needs and when combined with their skills, this has led to over 750 small businesses started which has contributed approx. $60 million per annum to the Australian economy. For more information www.tre.org.au

 

About Huy Truong, Co-founder and Executive Chairman, Thrive Refugee Enterprise

Huy is a Board member of the Centre for Policy Development; Board member for the Migrant Justice Institute; Member of Settlement Advisory Council for Minister of Immigration, Citizenship and Multi-Cultural Affairs; Chair of the Refugee Economic Participation Sub Committee; and Member of the Australian Delegation to the UN Global Refugee Forum.

 

Huy is a former refugee who arrived in Australia in 1978 as a 7 year old after his family fled Vietnam by boat, to be eventually processed at a UNHCR camp in Indonesia and granted asylum in Australia. He finished his education in Australia and Harvard and become an entrepreneur and private equity investor. Huy is now dedicated to giving back through Thrive, public policy and philanthropy.


Key Facts:

Fast Facts:  2024-25 Australian Refugee & Humanitarian Program

§  Capped at 20,000 places to accept a small proportion of the 110 million people who are facing forced displacement in the last 12 months.

§  The top countries where most refugees are currently fleeing from, representing also the majority refugee groups arriving in Australia –

§  Syria — 6.5 million

§  Afghanistan — 6.1 million

§  Ukraine — 5.9 million

§  Venezuela — 5.6 million

§  South Sudan — 2.2 million

§  Myanmar – 1.3 million

§  Sudan — 1 million


About us:

About Thrive Refugee Enterprise

Thrive is the leading Australian NGO passionate about our mission to build a brighter future for refugees in Australia by facilitating a pathway into small business and self-employment through business planning, financial capital and ongoing support. We provide business support tailored to our clients' unique needs and when combined with their skills, this has led to over 750 small businesses started which has contributed approx. $60 million per annum to the Australian economy. For more information www.tre.org.au


Contact details:

Annie Walsh, Head of Communications,

Thrive Refugee Enterprise, m. 0404 315 875

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