# Plain Language Summary: The Golden-preneurship Act

This bill creates a new training program specifically designed to help older business owners grow and manage their companies. The program, called the Golden Entrepreneurs Training and Demonstration Curriculum, will be run by the Small Business Administration (SBA) and will offer a 210-day comprehensive course that businesses owned by people 55 and older can enroll in. The bill recognizes that older entrepreneurs are a huge part of the American economy—more than half of all small business employers are over 55, and these businesses actually tend to grow faster than average startups.

The training program will cover practical topics that matter most to older business owners. Participants will learn about modernizing their operations with technology, expanding their business and hiring employees, managing their finances for retirement, and planning what happens to their business down the road—whether that means selling it, transferring it to employees through an employee stock ownership plan, or passing management to someone else. The program also provides access to funding resources, mentorship from experienced business people, information about government contracting opportunities, and ongoing feedback for two years after completing the course. The SBA aims to train about 1,000 eligible businesses per year through this program, with special attention to businesses in rural areas.

To qualify, a business must have been operating for at least three years and earned at least $150,000 in revenue in the most recent year. The training can happen in person or online, and will be offered at SBA offices, nonprofit organizations, and other community partners. Additionally, the bill requires the SBA to start tracking how many loans, grants, and other financial support go to older business owners so Congress can see whether older entrepreneurs are getting adequate access to capital and resources.

Golden-preneurship Act

Kim, Young

Golden-preneurship Act This bill establishes the Golden Entrepreneurs Training and Demonstration Curriculum within the Office of Entrepreneurial Development of the Small Business Administration to provide small businesses owned by individuals who are 60 years of age or older with tools to accelerate the growth of those businesses.