WASHINGTON, D.C. (WWTI) — The U.S. Chamber of Commerce is praising new legislation aiming to bring resources to senior entrepreneurs.

This is called the Golden-preneurship Act (H.R. 7552), which was introduced by U.S. Representatives Elise Stefanik (R-NY-21), Young Kim (R-CA-39), Dean Phillips (D-MN-03), and Jason Crow (D-CO-06).

If passed this bill would establish the Golden Entrepreneurs Training and Demonstration Curriculum within the Office of Entrepreneurial Development of the Small Business Administration. This would provide small business owners 60 years of age or older with tools to accelerate their businesses.

According to Rep. Stefanik, over the past decade, Americans between 55 and 65 launched new businesses higher than any other age group. Entrepreneurs 50 years of age and older also represent half of small business employers.

In response, the U.S. Chamber highlighted that over one million older Americans lost their jobs during the COVID-19 pandemic and new business ownership provides income opportunities for people over the age of 60.

“Small business ownership provides an incredible opportunity for older Americans to earn income, fulfill lifelong passions, and make meaningful contributions to their local economies,” U.S. Chamber of Commerce Vice President of Small Business Policy Tom Sullivan said in a press release. “The Golden-preneurship Act would make this a reality for even more seniors. We thank Rep. Stefanik for her leadership and look forward to partnering with her and the other sponsors to pass this important legislation.”

Rep. Stefanik also said that this bill would support business owners in her Congressional District in the North Country.

“The contributions of seniors are incredibly valuable to the fabric of our communities in Upstate New York and the North Country,” Rep. Stefanik said. “I am proud to sponsor legislation to better equip older entrepreneurs. Coupled with seniors’ experience, this legislation will help create more lasting businesses and strengthen our communities, carrying on the hard work and legacy of our seniors.” 

The U.S. Chamber of Commerce also sent a letter to the sponsors of the Golden-preneurship Act. The full letter is included below.