Golden-preneurship Act

To establish within the Office of Entrepreneurial Development of the Small Business Administration a training curriculum relating to businesses owned by older individuals, and for other purposes. 1. Short title This Act may be cited as the Golden-preneurship Act 2. Definitions In this Act— (1) the term Administrator (2) the term appropriate committees of Congress (A) the Committee on Small Business and Entrepreneurship of the Senate; (B) the Special Committee on Aging of the Senate; and (C) the Committee on Small Business of the House of Representatives; (3) the term eligible entity (4) the terms Federal agency Small Business Innovation Research Program Small Business Technology Transfer Program 15 U.S.C. 638(e) (5) the term older individual 42 U.S.C. 3002 (6) the term operating business (A) has been in operation for not less than 3 years; and (B) for the most recently completed taxable year, had revenue of not less than $150,000; (7) the term Program (8) the term resource partner (A) a small business development center described in section 21 of the Small Business Act ( 15 U.S.C. 648 (B) the Service Corps of Retired Executives described in section 8(b)(1)(B) of the Small Business Act ( 15 U.S.C. 637(b)(1)(B) (C) a women’s business center described in section 29 of the Small Business Act ( 15 U.S.C. 656 (D) a Veteran Business Outreach Center; (9) the term selected entity (10) the term small business concern 15 U.S.C. 632(a) 3. Findings Congress finds the following: (1) In 2018— (A) 1/2 (B) 3 out of 10 entrepreneurs in the United States were older than 50 years of age, a 50 percent increase since 2007. (2) As of the date of enactment of this Act, entrepreneurs who are older than 55 years of age represent 55 percent of all small business employers in the United States. (3) Businesses started by older entrepreneurs— (A) represent some of the highest growth businesses in the United States; and (B) rank among the top 0.1 percent of startups, based on growth in the first 5 years of business. 4. Golden entrepreneurs curriculum (a) Establishment There is established within the Office of Entrepreneurial Development of the Small Business Administration the Golden Entrepreneurs Training and Demonstration Curriculum— (1) the purpose of which shall be to provide eligible entities with tools to accelerate the growth of those entities; (2) which shall be a 210-day, comprehensive curriculum— (A) to effectuate the purpose described in paragraph (1); (B) that provides to eligible entities the resources described in subsection (b); (C) which shall be customizable by an eligible entity enrolled in the curriculum; and (D) that has the capability for both in-person and virtual enrollment and participation; (3) that shall be carried out by an organization that is described in section 501(c)(3) (4) that includes specific outreach, training, and engagement directed towards eligible entities that are located in, or that serve, rural areas. (b) Resources Under the Program, the Administrator, acting through a selected entity, shall provide to eligible entities the following: (1) Resources and training relating to— (A) technology and digitization of business operations; (B) business expansion and hiring; (C) estate management and retirement strategies; and (D) the winding down of business operations, including training relating to— (i) the sale of an eligible entity; (ii) the formation or transfer of assets to an employee stock ownership plan, as that term is defined in section 4975(e)(7) (iii) the transfer of the management functions of an eligible entity. (2) Access to capital resources and training. (3) Mentorship and networking opportunities. (4) Information regarding Federal and State government contracting opportunities. (5) With respect to the 2-year period after the date on which an eligible entity completes the Program— (A) the establishment of benchmarks for the eligible entity with respect to the performance and growth of the eligible entity; and (B) feedback with respect to the benchmarks established under subparagraph (A). (c) Locations A training module under the Program shall be located in— (1) a district office of the Small Business Administration; (2) a facility provided by a nonprofit organization that partners with the Small Business Administration; or (3) a facility provided by a resource partner. (d) Goal In carrying out the Program, the Administrator, acting through a selected entity, shall establish the goal of providing training to 1,000 eligible entities per year. (e) Rule of construction Nothing in this section may be construed to prevent the Administrator from selecting multiple entities under subsection (a)(3) to carry out the responsibilities described in that provision. 5. Data collection (a) In general Beginning on the date that is 90 days after the date of enactment of this Act, the Administrator, in consultation with the head of any other Federal agency as may be necessary, shall track the number and dollar amount of— (1) loans and grants made to older individuals, and to small business concerns owned by older individuals, under all of the programs of the Small Business Administration, including under— (A) section 7(a) of the Small Business Act ( 15 U.S.C. 636(a) (B) section 7(m) of the Small Business Act ( 15 U.S.C. 636(m) (C) title V of the Small Business Investment Act of 1958 ( 15 U.S.C. 695 et seq. (2) awards to small business concerns owned by older individuals under the Small Business Innovation Research Programs and Small Business Technology Transfer Programs. (b) Reporting requirement Not later than 1 year after the date of enactment of this Act, and annually thereafter, the Administrator shall submit to the appropriate committees of Congress a report regarding the data collected under subsection (a) for the period covered by the report. (c) Continuation of requirements The requirements under subsections (a) and (b) shall continue in effect without regard to whether the Program, or the authorization to carry out the Program, is repealed.

Summary: 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.