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Older Entrepreneurs Own Half of U.S. Small Businesses, Bootstrap With Personal Savings, Credit Cards and Retirement Funds


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WASHINGTON, June 3, 2021 /PRNewswire/  People age 55+ make up 21% of the U.S. population, but own a disproportionately high 50.9% of U.S. small businesses, according to new survey data from 3,000 entrepreneurs published by SCORE, mentors to America s small businesses.
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The Megaphone of Main Street: Unsung Entrepreneurs data report quotes one encore entrepreneur who explained: I wanted to be in control of my own destiny. I am an industry expert and this is a chance to put my 25+ years of experience to the test.I know I m up for it!
Survey data reveals that encore entrepreneurs have an easier time securing business financing than younger entrepreneurs, but often choose not to use it. Encores were up to 62% more likely to receive non-government aid and 20-46% more likely to be approved for government aid, including PPP loans, unemployment insurance and other sources of federal/state financial assistance, compa ....

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