Senior-owned small businesses get a boost under Kim’s bipartisan bill

U.S. Rep. Young Kim (R-CA) on April 21 sponsored a bipartisan bill to establish a training curriculum for older business owners within the Small Business Administration’s (SBA) Office of Entrepreneurial Development. 

“Age should not be a hurdle to achieving the American dream,” Rep. Kim said. “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 a dynamic marketplace.” 

The Golden-preneurship Act, H.R. 7552, which has three original cosponsors, including U.S. Rep. Jason Crow (D-CO), would create the Golden Entrepreneurs Training and Demonstration Curriculum to provide eligible entities with tools to accelerate the growth of their small businesses, according to the text of the bill.

“The Golden-preneurship Act will ensure older entrepreneurs can access the tools they need to make their ideas a reality,” said Rep. Kim. “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.”

Specifically, the curriculum would be developed through non-profit and SBA Resource Center partnerships; provide resources to help grow senior-owned, high-potential companies; 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, according to the bill’s text.  

H.R. 7552 also would require the SBA to track the loans and grants provided to older Americans, the bill states.

“American innovation is what drives our economy,” said Rep. Crow. “I’m proud to join 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.” 

“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,” added Rep. Kim. 

H.R. 7552, which is supported by organizations including the Center for American Entrepreneurship, the Bipartisan Policy Center Action, and the U.S. Chamber of Commerce, among others, is the companion bill to the same-named S. 2348, introduced in July 2021 by U.S. Sens. Tim Scott (R-SC) and Jeanne Shaheen (D-NH).