SBA and AARP Team To Offer Resources to Entrepreneurs 50 and Older

WASHINGTON - The U.S. Small Business Administration (SBA) and AARP teamed up to improve the chances for success of "encore entrepreneurs," or entrepreneurs over the age of 50, by matching them with successful business owners and community leaders, professional business coaches and mentors from SBA's vast resource partner network.

SBA and AARP hosted the first National Encore Entrepreneur Mentor Day with more than 60 events around the country in early October. Events included speed mentoring, which allows mentors and entrepreneurs to share information for five-minute sessions, and mentor lunches for entrepreneurs to learn best practices from successful small business owners. Encore entrepreneurs can also meet a professional business counselor to learn more about SBA's training, counseling and mentoring support.

"Many new entrepreneurs are saving their best acts for their encore performance," said SBA Administrator Karen Mills. "They're using their decades of expertise and their connections to start new businesses and to finally pursue that venture that has been stirring their dreams for all these years. National Encore Entrepreneur Mentor Day will link hundreds of entrepreneurs with experienced business owners who can help transform these dreams into a reality."

National Encore Entrepreneur Mentor Day is part of a larger effort by SBA and AARP to counsel more than 100,000 entrepreneurs and small business owners over the age of 50. The events helped connect them with mentors such as those from SBA's network of Small Business Development Centers, Women's Business Centers and SCORE chapters who can help throughout the life of an entrepreneur's business.

"AARP is pleased to be working with SBA on this important initiative to help older Americans get practical information and guidance on starting and growing small businesses," said Jean Setzfand, AARP Vice President, Financial Security. "Our work with SBA is part of AARP's 'Work Reimagined' program to help middle class Americans reach their 'what next' moments in work and career."

One in four individuals ages 44 to 70 is interested in becoming an entrepreneur and 63 percent of Americans plan to work during retirement. Small business ownership is a good option for these encore entrepreneurs. Small business owners with long-term counselors see bigger sales, hire more workers and have more longevity. SBA and AARP will provide the training and mentoring services older entrepreneurs need to successfully start and grow businesses and create jobs.

SBA developed a 50+ toolkit that includes free online courses targeted at helping encore entrepreneurs start or grow their businesses. The training courses include profiles of successful entrepreneurs, recommended action steps and information on licensing and financing.