[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[H.R. 7552 Introduced in House (IH)]
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117th CONGRESS
2d Session
H. R. 7552
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.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
April 21, 2022
Mrs. Kim of California (for herself, Mr. Crow, Ms. Stefanik, and Mr.
Phillips) introduced the following bill; which was referred to the
Committee on Small Business
_______________________________________________________________________
A BILL
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.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Golden-preneurship Act''.
SEC. 2. DEFINITIONS.
In this Act--
(1) the term ``Administrator'' means the Administrator of
the Small Business Administration;
(2) the term ``appropriate committees of Congress'' means--
(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'' means an operating
business that is owned by an older individual;
(4) the terms ``Federal agency'', ``Small Business
Innovation Research Program'', and ``Small Business Technology
Transfer Program'' have the meanings given the terms in section
9(e) of the Small Business Act (15 U.S.C. 638(e));
(5) the term ``older individual'' has the meaning given the
term in section 102 of the Older Americans Act of 1965 (42
U.S.C. 3002);
(6) the term ``operating business'' means a small business
concern that, as of the date on which the small business
concern seeks to enroll in the Program--
(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'' means the Golden Entrepreneurs
Training and Demonstration Curriculum established under section
4;
(8) the term ``resource partner'' means--
(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); or
(D) a Veteran Business Outreach Center;
(9) the term ``selected entity'' means an entity selected
by the Administrator to carry out the Program, as described in
section 4(a)(3); and
(10) the term ``small business concern'' has the meaning
given the term in section 3(a) of the Small Business Act (15
U.S.C. 632(a)).
SEC. 3. FINDINGS.
Congress finds the following:
(1) In 2018--
(A) \1/2\ of all new successful entrepreneurs in
the United States were older than 45 years of age; and
(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.
SEC. 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) of the Internal Revenue Code of
1986 and exempt from tax under section 501(a) of such Code, or
by a resource partner, which the Administrator shall select
after submitting a request for proposal with respect to that
responsibility; and
(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) of the
Internal Revenue Code of 1986; and
(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.
SEC. 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)); and
(C) title V of the Small Business Investment Act of
1958 (15 U.S.C. 695 et seq.); and
(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.
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