Administrator Isabel Casillas Guzman, head of the U.S. Small Business Administration (SBA) and voice in President Biden’s Cabinet for America’s more than 33 million small businesses, recognized the 2023 T.H.R.I.V.E. Emerging Leaders Reimagined cohort winners in Seattle and North Metro Puerto Rico for their work bringing together exceptional groups of local small business owners. This year’s T.H.R.I.V.E. program winners were honored at an in-person ceremony during National Small Business Week (NSBW).
“The Biden-Harris Administration remains committed to this nation’s historic small business boom and supporting small businesses with the resources they need to grow and thrive through initiatives like SBA’s T.H.R.I.V.E. program,” said Administrator Guzman. “T.H.R.I.V.E. trainers play a crucial role in developing a robust network of trusted advisors and peer support networks across the country. The SBA is proud to recognize the Seattle and North Metro Puerto Rico cohorts for their outstanding work assembling strong groups of small business owners. They are delivering exceptional training and growth opportunities.”
T.H.R.I.V.E. – which stands for Train. Hope. Rise. Innovate. Venture. Elevate – is the SBA’s executive-level training series designed to accelerate the growth of high-potential small businesses across the United States. The SBA’s Office of Entrepreneurial Development will administer this high-impact program with support from SBA field offices and local THRIVE trainers in 48 District Offices with 67 cohorts in the country. This is the first year the SBA has dedicated awards during National Small Business Week. These awards recognize outstanding T.H.R.I.V.E. cohorts that reflect their local communities’ diverse, dynamic and high-potential small business landscape.
T.H.R.I.V.E. program winners
Both the North Metro Puerto Rico and the Seattle cohorts from SBA T.H.R.I.V.E. 2023 succeeded in recruiting and graduating business owners with attributes that include:
- Time as Owner: The majority of owners have been in business for 5–10 years, with a relatively even distribution among other durations of ownership.
- Women’s Representation: The gender distribution is evenly split with 50 percent female and 50 percent male owners.
- Socioeconomic Certifications: Most businesses (75 percent) have no certifications. The remaining 25 percent are divided equally among 8(a) Small Business, Women-Owned Small Business, LGBTQ+ Business Enterprise and Small Disadvantaged Business certifications at 5 percent each.
- Business Age: Businesses are fairly and evenly distributed across different ages, with a slight concentration (20 percent) in the 3-year and 5–9-years categories.
- Full-time Employees: Over half of the businesses (55 percent) have between 1–5 full-time employees. This indicates a predominance of smaller-sized businesses in terms of staff.
- Revenue: In 2021, 42 percent of businesses generated between $1,000,000 and $4,999,999. 50 percent reported similar revenue in 2022, indicating stability or growth from the previous year.
- Goals: The most common goals for the businesses are increasing revenue and profit (14 percent), creating a plan for growth and creating new jobs (12 percent each).
Visit the T.H.R.I.V.E. website for more information on the program. For more information about National Small Business Week, visit www.sba.gov/NSBW.
Co-sponsorship Authorization # 24-1-C. SBA’s participation in this Cosponsored Activity is not an endorsement of the views, opinions, products or services of any Cosponsor or other person or entity. SBA extends all programs and services to the public on a nondiscriminatory basis.
About National Small Business Week
In the spirit of National Small Business Week, we celebrate the unprecedented growth of entrepreneurship in the United States. This growth is marked by 17.2 million new business applications since the Biden-Harris Administration took office. This surge highlights the dynamism and innovation that America’s entrepreneurs bring to our local communities. The SBA will continue to champion small businesses. These businesses play a vital role in driving economic prosperity across the nation.
About SCORE
SCORE, the nation’s largest network of volunteer, expert business mentors, is dedicated to helping small businesses get off the ground, grow and achieve their goals. Since 1964, SCORE has provided education and mentorship to more than 11 million entrepreneurs. SCORE is a 501(c)(3) nonprofit organization and a resource partner of the U.S. Small Business Administration (SBA).
About the U.S. Small Business Administration
The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow, expand their businesses or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.
Learn more about Small Business Week and how small business owners shape the economy here.
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