Helping over-50 entrepreneurs stay in business

The April event, which addressed “Starting and Financing a Business in San Francisco,” was held at the Entrepreneur Center at the SBA’s San Francisco district office.

Mentor Month is part of a larger effort by the SBA and AARP to promote entrepreneurship among people age 50 and over. With one in four individuals aged 44 to 70 interested in becoming an entrepreneur, and 63% of Americans planning to work during retirement, small business ownership is an attractive option.

Consumer Action’s Audrey Perrott, associate director of outreach and training, distributed our MoneyWi$e and Digital Dollars publications and met individually with participants to discuss how to establish a micro business, the importance of improving credit and how to navigate the online economy. About a third of the participants represented minority communities, and this group included about two-thirds women.

The SBA and AARP offered free classes to interested entrepreneurs all last month. In the first week alone, 136 participants were reached through classes at the SBA’s San Francisco district office. Seminars were offered on website basics, financing a business, the top seven characteristics of successful business owners, the basics of business law and more.

Volunteers from the community teach all of the classes offered by the SBA Entrepreneur Center. Perrott was asked to come back again to volunteer her teaching skills. In addition, Consumer Action’s educational materials proved popular. The SBA’s initial order was depleted during the first week and more were provided.