SBA invests $750K in training program for 50 businesses
The agency has opened registration for T.H.R.I.V.E.
The U.S. Small Business Administration (SBA) has opened registration for this year’s edition of T.H.R.I.V.E. (Train. Hope. Rise. Innovate. Venture. Elevate), Emerging Leaders Reimagined, a redesigned training program offering free business education for high-performing small business executives.
The SBA said it invested $15,000 per participant to ensure a high-quality, intensive executive business training series.
“Thrive is a program that consists of business modules to help entrepreneurs who participate in it develop a three-year growth plan. We also ensure, for example, that the entrepreneur has the correct strategies, receives insights from industry CEOs and interaction among peers. This experience is entirely free to business people, they simply have to go through an evaluation process and some interviews,” said Josue E. Rivera, SBA’s district director for Puerto Rico and the U.S. Virgin Islands.
This intensive executive entrepreneurship program requires participants to have owned a business for at least three years, generate a minimum annual income of $250,000, employ at least one person besides themselves, and commit to the six-month program running from June 18 to Dec. 10.
Participation is free and will be divided into two zones: North/Metro and Central/South. Each will offer a hybrid service combining online learning with in-person sessions, focusing on business culture and success.
“There are no restrictions on the type of companies that can participate. Participating is open to all industries including manufacturing, retail/wholesale, contracting, professional services and food services, to name a few,” Rivera said.
“When it comes to the curriculum, there are eight modules. In these modules, participants are taught how to be an effective leader in the business, how to develop and plan business moves; how to work on access to capital issues; financing; designing deals for your business; understand what cash flow, inflow, outflows are; and how to understand the P&L [profit and loss] of the business, which is important,” the SBA director explained.
Since its inception as E-200 in 2008, the SBA Emerging Leaders Initiative reportedly has trained more than 8,000 small business owners, created more than 11,000 jobs, generated nearly $1 billion in new financing, and secured more than $4 billion in government contracts.
“We want a genuine commitment from these entrepreneurs and that, over the long term, they see that this experience not only helped them — because it is a self-paced curriculum — to develop a sustainable business model that believes in people who believe in maintaining good profits, but also conserving the environment, contributing to the community, creating good opportunities equitably for everyone,” Rivera concluded.
