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Age of Owners

The priorities and challenges for small businesses often vary based on the age of the business owners. On one end of the spectrum, younger business owners are often working to establish their financial footing, build financial services relationships, and secure credit to support the growth of their businesses. Conversely, older business owners are more often leading well-established firms, and as their owners near retirement age, exit strategies become a higher priority.

The age of the business owner is just one of several owner demographics collected through the Small Business Credit Survey, which also collects information about the race, ethnicity, and gender of the business owner or owners. These characteristics provide important insights on differences in business conditions and credit access across the small business sector.