yancey?ey eckel thank you for referencing the knife maker in maine, one of our terrific clients. he started his business with a small amount of capital. it was not bank funded. 10% of our clients get bank financing for their businesses. we did not lend into the startup environment when i was a banker. it was too risky. that comentrepreneurs to see us, many are self funded through savings, not to retirement. i personally don't believe it is the right thing to do to reach a dupe 401k's and there are vehicles that will allow you to but as a defined senior now, i am not going to reach into that and i think that is the prudent thing to do and we would not encourage others. micro-loant opportunities for those seniors make a great deal of sense. i think express opportunities that some of the loans the sba have offered in the past and still offers like patriot express -- i think there is value of something along those lines. i like the idea was speaking with someone who is more mature, who has a litt

yancey ceo of score. then the co miami senior living solutions. aid we are in a delighted to hear from the co-founder of the senior entrepreneurship aide works accompanied by dr. o'neill the director of the national academy of beijing. -- a.g. in society. we will start with ms. mcgarry your written testaverde is uncertain as part of the record if you will share with us for five minutes we will go down the of wind and open for questions. >> chairman nelson ranking member and senator scott thank you for the opportunity to testify on the sba work to serve the encore entrepreneurs new and aspiring small-business owners of the age of 50 we commend you for highlighting this important topic and grateful for your ongoing leadership and support we know the facts small businesses employ half of the work force to create two out of three net private sector jobs. what people don't realize is americans between the ages of 55 and 64 comprise the fastest growing group of entrepreneurs in the country. according to the kauffman foundation encore entrepreneurs start

yancey. >> thank you. chairman nelson, senator collins, chairman landrieu, senator risch, senator scott, my name is kenneth yancey and i'm at ceo of score. thank you for the opportunity to offer testimony regarding the advantages and challenges of senior entrepreneurship and scores experience in serving this important and growing segment of our population. first i would like to thank senator landrieu and senator risch for sponsoring and introducing senate bill 2008. score for small business act of 2014, a reauthorization bill seeking to strengthen the resources for entrepreneurs by improving the score program. additional funds provided by this bill will allow us to continue to improve the services offered by our volunteers come improve our efficiency, improve our outreach in both rural and underserved communities to include senior and encore entrepreneurs. as you know, score's resource partner with the u.s. small business administration were celebrate our 50th year this year. today, score has over 320 chap

yancey. >> thank you for the question senator collins and thank you for referencing the knife maker in maine one of our terrific clients. you know bruce started his business with a small amount of capital. it was not tank funded. what we know about our clients scores less than 10% of our clients actually get an financing for their business. as a banker by training although it's been many years ago we did not lend into the start environment for reasons that made sense. it was too risky. of those encore on printers -- entrepreneurs are self funded through savings, not through retirement. we don't believe it's the right thing to do to reach into for a one case and their vehicles that will allow you to do that but as it defines senior now i am not going reach into that and i think that's the right prudent thing to do and we wouldn't encourage others. i think microloan opportunities for the seniors make a great deal of sense. i think express opportunities for some of the loans that the sba has offered in the past and still offers like express there is value in something along those lines. i

. >> : yancey of that street ballpark that is also very slow. >> : if you're heading from the spate to self from severs the scope casolo long commute. >> : that's less reporting. >> : as you see around two of the rain is here. as snarling traffic on this friday night. >> : at the east bay >> : it's been raining steadily all afternoon at the state not have the rangers, like where light rain. and the friday evening commute in the back up. 2 mi. east from standing. austria back up as a consumer cars are at the back up action extends from where i'm standing all right to 580. the back on 580. it's very slow here as if you're heading across the bridge to the east bay give yourself a little extra time things are released was a hint of friday evening. and >> : in some locations residents are taking extra precautions nfl city put out a pile of sand so residents can fill up their own sandbagged to protect their home or business from subflooring 3 >> : 21 sematech or also people in san mateo are also bracing for flooding. >> : >> : just as wont be saved my life says o.k. let's go get the sandbags