Congressman Jason Crow Introduces Bipartisan Legislation Supporting Older Entrepreneurs

Statement

Reps. Jason Crow (CO-06) and Young Kim (CA-39), Chair and Ranking Member of the Small Business Subcommittee on Innovation, Entrepreneurship and Workforce Development, were today joined by Rep. Elise Stefanik (NY-21) and Dean Phillips (MN-03) in introducing the bipartisan Golden-preneurship Act (HR 7552), supporting apprenticeships for older entrepreneurs starting small businesses.

This bipartisan legislation 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.

"American innovation is what drives our economy. I'm proud to with Rep. Kim 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.

"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. 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."

"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 Senator Jeanne Shaheen (D-NH) and Senator Tim Scott (R-SC).

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

Source