Cohorts from Puerto Rico and Seattle Will Be Honored at the National Small Business Week Ceremony in Washington, D.C.
Today, 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 awardees will be honored at an in-person ceremony during National Small Business Week (NSBW) on April 28-29.
“The Biden-Harris Administration is committed to continuing to spur 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, and the SBA is proud to recognize the Seattle and North Metro Puerto Rico cohorts for their outstanding work assembling strong groups of small businesses owners and 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. Administered by the SBA’s Office of Entrepreneurial Development, this high-impact program is supported by 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 to recognize outstanding T.H.R.I.V.E. cohorts that reflect their local communities’ diverse, dynamic, and high-potential small business landscape.
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% female and 50% male owners.
- Socioeconomic Certifications: Most businesses (75%) have no certifications. The remaining 25% are divided equally among 8(a) Small Business, Women-Owned Small Business, LGBTQ+ Business Enterprise, and Small Disadvantaged Business certifications at 5% each.
- Business Age: Businesses are fairly and evenly distributed across different ages, with a slight concentration (20%) in the 3-year and 5–9-years categories.
- Full-time Employees: Over half of the businesses (55%) have between 1–5 full-time employees, indicating a predominance of smaller-sized businesses in terms of staff.
- Revenue: In 2021, 42% of businesses generated between $1,000,000 and $4,999,999. 50% 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%), creating a plan for growth, and creating new jobs (12% 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.
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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. All SBA programs and services are extended to the public on a nondiscriminatory basis.