Washington, DC – Today, Rep. Dean Phillips (D-MN) announced the introduction of a bipartisan bill to help older small business owners continue to compete in local, national and global economies.

Phillips is leading the bill along with Rep. Young Kim (R-CA), Jason Crow (D-CO) and Elise Stefanik (R-NY). Reps. Kim and Crow serve as Ranking Member and Chair of the Small Business Subcommittee on Innovation, Entrepreneurship and Workforce Development.  

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. 

“Entrepreneurship empowers those from all walks of life to take ownership of their work. Unfortunately, some of our most experienced entrepreneurs – our nation’s seniors – face unique barriers to starting or growing their businesses,” Phillips said. “We must pave the path for individuals of all ages to pursue their dreams of starting businesses by providing the necessary tools and resources to adapt to an ever-changing economy. With more entrepreneurs reaching their full potential, we can strengthen our vibrant small business ecosystem, create more jobs, and keep small businesses in local communities.”

“Age should not be a hurdle to achieving the American Dream. Millions of Americans can bring their vast professional and personal experience to the table to start businesses and create jobs, but they often need support to adapt to changing technologies and dynamic marketplace,” said Kim. “The Golden-preneurship Act will ensure older entrepreneurs can access the tools they need to make their ideas a reality. As our nation recovers from the COVID-19 pandemic, we need all hands on deck to recover our economy, and our parents and grandparents are a key part of the solution to strengthen our future and create jobs. I thank Rep. Crow for joining me in this bipartisan effort to prove that all Americans can make our communities stronger regardless of age, and I urge my colleagues to support this bill.” 

“American innovation is what drives our economy. I’m proud to join with Rep. Kim, Rep. Phillips, and Rep. Stefanik in introducing the Golden-preneurship Act, which will ensure entrepreneurs of every age get the opportunity they deserve to start a business, create jobs, and bolster our local economy,” said Crow. 

“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 7-month training program with 2 years of check-ins for senior-owned businesses that have been in operation for at least 3 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. 

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). 

Supporting organizations include: Center for American Entrepreneurship, Bipartisan Policy Center Action, NAIFA, U.S. Chamber and ESOP Association.

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