Business Support and Financing for Refugees and Asylum Seekers
- 17 September 2021
Many refugees and asylum seekers come to Australia with dreams and aspirations to either start their own businesses or to continue the careers they had built in their home countries. However, coming to a new country often proves difficult when their command of English is weak and they may lack knowledge of the Australian culture and economy.
Those wanting to become self-employed may also find it difficult, if they are financially excluded and do not know where to receive assistance to begin their journey. Thrive assists our refugee and asylum seeker clients, from developing a business idea or concept through to business planning, support, mentoring, and if required, business financing.
Business financing gives refugee entrepreneurs the funding they need to kick-start a new businesses or even tap into opportunities to grow their existing businesses. With funding, refugee entrepreneurs are able to purchase a franchise, buy a vehicle to work as a subcontractor, or simply equip themselves for self-employment.
As of March 2021, Thrive has distributed up to 3.7 million dollars of financial assistance to refugee entrepreneurs in Australia. The majority of financial assistance has been taken up by those in the Transport, Postal and Warehousing industries (29%) as well as the Repairs, Gardening and Cleaning services (27%). Construction is also another popular industry for small businesses in need of financing, followed by Accommodation, Food and Retail Trade.
Benefits of business financing for refugee entrepreneurs
- Enabled to start or expand businesses.
- Post-loan mentoring and assistance ensures that clients are able to manage and sustain their businesses.
- Earn a stable income to support their family.
- Better earnings and savings mean refugee households gradually see improvements in their well-being and living conditions.
- Successful entrepreneurs in turn make positive contributions to our communities and economy.
For many refugees and asylum seekers in Australia, starting a business is the much-needed leg up in society as they may be experiencing certain disadvantages that make it more difficult for them to be financially independent. Business support and financing through Thrive is one of the ways we can help them with a fresh start.
Learn more about how Thrive can help refugees and asylum seekers in Australia get their businesses off the ground.