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Today, along with Deutsche Bank Americas Foundation, the Garfield Foundation and the Lawrence N. Field Center for Entrepreneurship at Baruch College, we announced the five finalists of Competition THRIVE. The competition is designed to generate business plans that will address the challenges faced by immigrant entrepreneurs, including access to credit, financial management, language barriers and access to business networks. The finalists include:
“Competition THRIVE is an integral part of our continued commitment to supporting New York City’s immigrant-owned businesses. We look forward to seeing the five pilot programs selected through the competition put into practice, providing a positive impact on our City and economy – potentially for many years to come.”
- NYCEDC President Seth Pinsky
The five finalists for Competition THRIVE were selected by a panel of judges from the 49 organizations that submitted proposals. Each of the finalists will receive seed funding of $25,000 and have six months to pilot their programs. At the end of the pilot period the program viewed by the judges as the most sustainable—and with the most potential to be expanded further—will receive an additional $100,000 to further develop their program. Proposals were judged on several criteria including: innovation and creativity, feasibility, scalability, knowledge of immigrant community needs and sustainability. Competition THRIVE is jointly funded by the New York City Economic Development Corporation (NYCEDC), Deutsche Bank Americas Foundation and the Garfield Foundation and is administered by Baruch College’s Lawrence N. Field Center for Entrepreneurship. It was one of three initiatives announced in March 2011 by Mayor Bloomberg to support immigrant-owned businesses to start, operate and expand their businesses in New York City.