Hussein arrived in the U.S. in 2018, determined to start a new life after he and his family had to flee their home in Burma as refugees. Once in the Atlanta area, he dreamed of opening a home renovation business to support his family.
Dahir and Fatima fled their native Syria due to the ongoing civil war in their country. A highly motivated couple, they looked for ways to support themselves and their children, including taking jobs as rideshare drivers and daycare center workers. But, becoming financially self-sufficient was a real challenge.
Working to provide refugees like Hussein, Dahir and Fatima with access to the capital needed to start or strengthen small businesses that can lead to self-sufficiency, Inspiritus, a nonprofit organization that guides individuals and families on their journeys from surviving to thriving, has launched Thrive Community Lending. The nonprofit organization’s emerging Community Development Financial Institution (CDFI) offers loans, financial counseling and professional business development services to refugees to support them in their small business endeavors in Georgia.
As one may imagine, refugees often deal with challenges ranging from a lack of credit to an unfamiliarity with U.S. financial systems, which can be stumbling blocks to securing financing for business ventures. As Thrive loan recipients, clients receive the assistance necessary to help them start and grow their businesses, support their families and contribute to the economy.
Thrive Community Lending provides a full suite of financial services, including ongoing technical assistance, financial literacy, business coaching, cultural competency training and equitable access to affordable capital. Thrive financing options include step-up microloans of $3,001 to $7,500 and microloans of $7,501 to $15,000.
For Hussein, this assistance meant enrolling in Inspiritus’ Microenterprise Development (MED) program. He quickly completed the business training classes and one-on-one counseling sessions with a MED staff member. He was able to learn how to develop a business plan, track finances and pay taxes as a contractor. Plus, he learned how credit and credit scores affect accessing business capital as well as liability insurance requirements in Georgia.
For Dahir and Fatima, who, like many newly arriving refugees, had dreams of better supporting their family by starting or growing a small business, this meant enrolling in Inspiritus’ Microenterprise Development program where staff members helped them develop a business plan for their emerging home décor and supply store and to take actionable steps to get it off the ground. A microloan from Thrive Community Lending helped them purchase merchandise and rent space to store and sell their inventory.
Six months after receiving his loan, Hussein’s business is growing. He and his business partner have purchased, renovated, and sold their first home and have a second home currently listed for sale. Hussein used the loan funds to purchase a suitable vehicle for his business and has been able to increase his family’s monthly income by $1,000 through his new business. Hussein is projecting continued growth of his business in the coming months and is hopeful that he will be able to hire his first employees this year.
Dahir and Fatima report they are now netting $1,500 per month in operating income to support their family. They continue to strengthen their American business acumen and are looking into ways they can further reach their community. They are diligently paying off their initial loan and have plans to borrow additional funds once they pay off that first loan.
According to recent reports, Georgia’s refugees and immigrants make up 10 percent of the state’s population and 14 percent of its workforce. Over 90 percent of the refugees resettled by Inspiritus in Atlanta achieve self-sufficiency within six months of arrival in the United States.
Today, Hussein, Dahir and Fatima have businesses that are growing rapidly. They are able to support their families better and support their local communities. With the help of Thrive Community Lending, they have changed their future from surviving to thriving.
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