WASHINGTON, June 3, 2021 /PRNewswire/ — People aged 55 and older make up 21% of the U.S. population, but own a disproportionate 50.9% of America’s small businesses, according to new data from a survey of 3,000 entrepreneurs published by SCOREmentors of American small businesses.
Discover the interactive multichannel press release here: https://www.multivu.com/players/English/8905351-score-older-entrepreneurs-small-business-report/
Infographics
The Main Street Megaphone: Little-Known Entrepreneurs The data report quotes another entrepreneur who explained, “I wanted to control my own destiny. I’m an industry expert and this is an opportunity to put my 25+ years of experience to the test…I know I’m up for it!”
Survey data reveals that new entrepreneurs have an easier time obtaining financing for their business than younger entrepreneurs, but often choose not to use it. Encores were up to 62% more likely to receive non-government aid and 20 to 46% more likely to be approved for government aid, including PPP loans, unemployment insurance and other sources of financial aid federal/state, compared to young business owners.
Instead of capitalizing on these financing opportunities, many prefer to rely on their personal finances, in particular on savings (74% of entrepreneurs still) and credit cards (36.6%). They are also 52.3% more likely to finance their business with their retirement savings than younger groups.
Yet another entrepreneur commented: “I never borrow money from outside. I rely solely on customer sales to grow my business. I don’t want to have access to easy money because I don’t want to owe anyone anything. To me, debt means you work for someone. elsewhere and it feels like a burden.
The COVID-19 pandemic has created extremely difficult conditions for America’s small business owners, with nearly 72% of entrepreneurs feeling unsupported by local government and less than half (48.9%) feeling supported by their local communities.
Click here to access the full Main Street Megaphone: Little-Known Entrepreneurs for additional data on the challenges and opportunities facing still entrepreneurs, with additional reporting on veteran- and immigrant-owned small businesses.
About SCORE
Since 1964, SCORE has helped 11 million entrepreneurs start, grow or scale a business. SCORE’s 10,000 volunteers provide free mentoring, workshops and educational services to more than 1,500 communities across the country, creating 45,027 new businesses and 74,535 non-ownership jobs in 2020 alone. Visit SCORE at www.score.org. Follow @SCOREMentors on Facebook, Instagram And LinkedIn.
Funded (in part) through a cooperative agreement with the U.S. Small Business Administration.
Contact
Betsy Dougert
SCORE
800-634-0245
(email protected)
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