A major bank has teamed up with a refugee microfinancing charity to help refugees kickstart their own businesses.
Westpac has announced a $2 million partnership with not-for-profit refugee microfinancing charity, Thrive, to support refugees starting their own business in Australia.
The bank has also seconded a chief operating officer (COO) to develop all elements of Thrive’s operations, from credit policies to loan documents, and help establish it as a stand-alone entity.
Westpac has been named as the Principal Banking Partner to Thrive and will provide funding without cost to charity, to ensure that the charity has a secure funding source to support new Australian refugees.
Westpac Group chief executive of Consumer Bank, George Frazis said the organisation is honoured to partner with Thrive to offer meaningful assistance to refugees.
“Many refugees have the skills and ambition required to start successful and sustainable businesses, and a head-start through Thrive will be a life changing experience for them that will also have a positive flow-on effect to the entire community.
“Our financial support also includes assigning a capable COO to help establish Thrive as a stand-alone entity by developing all elements of the organisation’s operations, from credit policies to loan documents.”
Thrive Chairman John Curtis said the private sector has a role to play in supporting refugee enterprise.
“We are absolutely delighted to have Westpac’s support to help establish and provide funding for Thrive. We want refugees to succeed for their own well-being and for the benefit of Australia.
“Thrive will fill a gap in the system for refugees by focusing on a complete support service, providing finance, business support services, assisting with professional accreditation, and mentoring.”
Thrive will launch in the first half of 2017.
The bank has also seconded a chief operating officer (COO) to develop all elements of Thrive’s operations, from credit policies to loan documents, and help establish it as a stand-alone entity.
Westpac has been named as the Principal Banking Partner to Thrive and will provide funding without cost to charity, to ensure that the charity has a secure funding source to support new Australian refugees.
Westpac Group chief executive of Consumer Bank, George Frazis said the organisation is honoured to partner with Thrive to offer meaningful assistance to refugees.
“Many refugees have the skills and ambition required to start successful and sustainable businesses, and a head-start through Thrive will be a life changing experience for them that will also have a positive flow-on effect to the entire community.
“Our financial support also includes assigning a capable COO to help establish Thrive as a stand-alone entity by developing all elements of the organisation’s operations, from credit policies to loan documents.”
Thrive Chairman John Curtis said the private sector has a role to play in supporting refugee enterprise.
“We are absolutely delighted to have Westpac’s support to help establish and provide funding for Thrive. We want refugees to succeed for their own well-being and for the benefit of Australia.
“Thrive will fill a gap in the system for refugees by focusing on a complete support service, providing finance, business support services, assisting with professional accreditation, and mentoring.”
Thrive will launch in the first half of 2017.
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