SBA and AARP Team up to Promote Entrepreneurship Among Older Individuals

63 percent of Americans plan to work during retirement.

black man in front of store open sign

The Small Business Association and the AARP are teaming up to host National Encore Entrepreneur Mentor Month, a initiative targeted at entrepreneurs over the age of 50. The organizations will match “encore entrepreneurs” with successful business owners and community leaders.

One in four individuals ages 44 to 70 is interested in becoming an entrepreneur and 63 percent of Americans plan to work during retirement, according to the website www.encore.org. Small business ownership is a good option for many baby boomers. Small business owners who get long-term counseling may see bigger sales, hire more workers and have more longevity. SBA and AARP will provide training and mentoring services to older entrepreneurs to help them successfully start and grow businesses and create jobs.

Throughout April, SBA District Offices, state AARP Offices and SBA Resource Partners will host more than 100 events around the country. Events include speed mentoring, where mentors and entrepreneurs  share information for five-minute sessions, and mentor lunches for entrepreneurs to learn best practices from successful small business owners.

Mentor Month is part of a larger effort by SBA and AARP to provide a range of resources to more than 100,000 entrepreneurs and small business owners over the age of 50 this year. The events will help connect encore entrepreneurs 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.

“Many new entrepreneurs are saving their best acts for their encore performance,” says outgoing SBA Administrator Karen Mills. “They’re using their decades of expertise and their contacts to start new businesses and to finally pursue that venture that has been stirring their dreams for all these years. The SBA and the AARP are once again focusing our efforts during Encore Entrepreneurship Mentor Month to help transform those dreams into a successful reality.”

The SBA has 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. Go online to www.sba.gov/encore for the toolkit and other resources available for entrepreneurs over the age of 50. AARP and SBA are also producing two webinars in April to help current and potential entrepreneurs. For more information, and to register, visit www.aarp.org/startabusiness.

Source: Small Business Association

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