SBA to Offer Loans to Older Entrepreneurs
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UPDATED: May 29, 2012
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The Small Business Administration (SBA), typically known for originating small business loans, has announced that it will be teaming up with the American Association of Retired Persons (AARP) in an effort to provide business loans to borrowers of 50 years and older.
The SBA and AARP will host online training courses and the duo hopes to train 100,000 older entrepreneurs who are interesting in either starting or running a small business.
“No matter what your age, if you have an idea or a business that’s ready to move to the next level, the SBA wants to make sure you have access to the tools you need to start and grow,” said SBA Administrator Karen Mills in a press release. “We know that by working side-by-side with AARP, we will be able to reach baby boomers and Americans over the age of 50 who have years of professional experience working for others and are ideally positioned to step out and become their own boss. And, in doing so, they will become job creators and drivers of economic growth in their communities.”
The online courses hosted by the two organizations will consist of self-assessments, customized content, and a webinar series specifically tailored to older entrepreneurs. If the SBA finds an applicant suitable to start or run a business, they may offer capital in the form of business loans to get the applicant’s idea up and running.
The SBA hopes to turn the years of experience acquired by the more than 70 million Americans over 50 years old into a chance to start or run a “financially practical ‘encore’ career.”
“Many baby boomers are working beyond retirement age and choosing to stay active and engaged in the workforce,” Mills continued. “For many older entrepreneurs, starting a small business can be an opportunity to transform a lifetime hobby of interest or years of professional experience into a lucrative line of work.”
In order to take an online course, potential business loan applicants need only visit the SBA’s training center.