New THRIVE SBA Program Helps Small Business Owners – EisnerAmper | Region & Cash

Small business owners and business leaders know that in order to effectively achieve and scale their goals, they must not only be open to change and new ideas, but embrace them. Sometimes these new ideas come from working with knowledgeable advisors, enrolling in an Executive MBA program, or simply hiring experienced senior staff to offer a different perspective. While these options are great for both professional and business growth, they can also come with a hefty price tag.

The Small Business Administration (“SBA”) launched the THRIVE Emerging Leaders Reimagined program in April 2022. It is a free executive training series designed to accelerate the growth of high potential small businesses in the United States, the program, its benefits, who qualifies, and how business owners and executives can apply.

What is the THRIVE program?

Train, Hope, Rise, Innovate, Venture, Elevate (“THRIVE”) is a reinvented version of SBA’s Emerging Leaders Program, which since its inception in 2008 has given more than 5,000 small business owners new opportunities and access to education, according to SBA participants in the free program have created more than 11,000 jobs, generated nearly $1 billion in new financing and secured more than $4 billion in government contracts.

The new program offers a six-month curriculum designed to help owners and executives take their small businesses to the next level. The course is designed for personalization by doing away with a one-size-fits-all model in exchange for more engagement, problem-solving, and peer-to-peer interaction.

What is covered under THRIVE

The program includes mentoring and personal coaching from C-level executives and experienced subject matter experts, self-paced training with proven business sustainability, and personalized micro-sessions tailored to the unique needs of small businesses. These are all offered through a hybrid model that includes virtual and face-to-face sessions.

THRIVE Emerging Leaders Reimagined courses will run from July 5th to December 16th, 2022. The curriculum includes 33 hours of online learning and 11 in-person sessions over the six-month session. Overall, the SBA anticipates that participants will require a total of 100 hours of combined study, homework, and coaching/mentoring time. Sessions will be offered in 68 locations in 2022 to connect with high potential business owners and leaders across the country.

How does the THRIVE program help my business?

THRIVE is designed to help you and your business become business leaders in your markets by offering practical tools and strategies designed to open new avenues for growth, development and funding. Because each cohort is regionally based, you’ll be connected to a network of government resources and local business leaders to help you invest the time and energy in your business. As part of the curriculum, participants create a three-year strategic growth action plan for their organization with defined performance goals to access additional support resources in the future.

Who qualifies for the THRIVE?

It is available to current business owners and executives across the country. (The program specifically states that this is not a program for startups or people thinking about starting a business.)

The training series is open to small business owners and executives who:

  • Have annual sales of at least $250,000.
  • In business for at least three years.
  • Have at least one employee in addition to yourself.

There are no industry or service restrictions for companies applying to participate as long as they meet the above criteria. According to the SBA, participating for-profit companies come from a variety of industries, including manufacturers, retailers/wholesalers, contractors and food service companies, to name a few.

How do I apply to the program?

Participants can apply on the SBA THRIVE website. There are no costs for the application. Applications are possible until May 31, 2022.

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