Washington, D.C. – Congresswoman Elise Stefanik joined her colleagues in introducing the Golden-preneurship Act (H.R. 7552) to support senior-owned small businesses.
This bipartisan bill creates a new “Golden Entrepreneurs” training program at the Small Business Administration (SBA) to equip older entrepreneurs with the tools they need to grow their business, create jobs, and bring capital to communities around the country.
Over the past decade, Americans between 55 and 64 launched new business start-ups at the highest rates of any age group. Additionally, entrepreneurs ages 50 and older represent over half of all small business employers.
“The contributions of seniors are incredibly valuable to the fabric of our communities in Upstate New York and the North Country,” Stefanik said. “I am proud to sponsor legislation to better equip older entrepreneurs. Coupled with seniors’ experience, this legislation will help create more lasting businesses and strengthen our communities, carrying on the hard work and legacy of our seniors.”
The Golden-preneurship Act would create the Golden Entrepreneurs Training and Demonstration Curriculum in the Office of Entrepreneurial Development at the SBA targeted at senior-owned businesses. The comprehensive curriculum will:
- Be developed through non-profit and SBA Resource Center partnerships;
- Provide resources to catapult senior-owned, high potential companies to the next level; and
- Deliver a customized seven-month training program with two years of check-ins for senior-owned businesses that have been in operation for at least three years with annual revenues of at least $150,000.
The bill also requires the SBA to track the loans and grants provided to older Americans, to pave the path to better support seniors in the economy.
Congresswoman Young Kim (R-CA) led this legislation, joined by Stefanik and Congressmen Jason Crow (D-CO) and Dean Phillips (D-MN). Companion legislation was introduced in the Senate by U.S. Special Committee on Aging Ranking Member Tim Scott (R-SC) and Senator Jeanne Shaheen (D-NH).