Missouri lawmaker urges SBA change to ease access to federal funds for digital tools
December 4, 2024 | Startland Staff
Government red tape is getting in the way of entrepreneurs’ ability to compete, said Mark Alford, detailing his efforts in Washington, D.C. to ensure affordable, equitable access to and use of “digital technologies” — especially when the federal government is involved, he added.
U.S. Rep. Mark Alford, R-Missouri; photo courtesy of Mark Alford’s Office
“Small businesses are the fabric of America, driving innovation and growth,” said U.S. Rep. Alford, R- Missouri, introducing a bill this week that would clarify Small Business Administration rules to allow SBA 7(a) loan funds to be used for digital tools and services.
“This legislation provides clarity and support for small businesses to embrace digital tools, enhancing their competitiveness in a rapidly evolving global market,” he continued, noting that small businesses that incorporate more technology platforms into their operations are more likely to have seen growth in their sales, profits, and employment since 2020.
Their success could hinge on eliminating barriers to digital adoption by updating federal relief programs, grant programs, and lending programs to include digital tools as an allowable use of funds, providing parity with the Economic Aid Act, his office said.
Click here to read the text of Alfords’ Small Business Technological Advancement Act.
Alford, who represents Missouri’s Fourth Congressional District in the U.S. House, serves on the Agriculture Committee, the Armed Services Committee, and the Small Business Committee.
“Fintech is the financial tool of choice for millions of American small businesses and startups, helping them access capital, streamline accounting, and manage complex expenses, inventory, and payroll,” said Penny Lee, president and CEO of the Financial Technology Association, a trade group representing fintech industry leaders. “We applaud Congressman Mark Alford for introducing commonsense legislation that would make it easier for small businesses to benefit from these innovative technological tools.”
2024 Startups to Watch
stats here
Related Posts on Startland News
Cassie Taylor is just getting queerer and weirder (and thanks to a wild 72 hours, she’s now a Playboy Bunny)
Be your authentic self, said Cassie Taylor, even if that means losing people along the way. “The biggest thing I’ve learned in the music industry is that if you’re not authentic, it is not sustainable — you’ll burn out fast. During the pandemic, I lost a lot of friends because I was very vocal about…
Pitch contest winners salute PHKC as fourth cohort wraps; $15K in prizes awarded to small businesses
A winning night at The Porter House KC’s pitch event this week expands opportunity for more than just the company taking home the biggest check, said Taylor Burris. AI Hub — led by Burris and her husband, James Spikes — earned first place and $8,000 in the competition, which also marked the completion of PHKC’s…
KCRise Fund closes $34M Fund III with ‘hyper-local’ focus; Here are its first four investments
A third venture capital fund — expected to invest $34 million in 20 more tech startups across the Kansas City region — builds on KCRise Fund’s thesis that high-growth local companies are the key to investor success, said Ed Frindt. It’s a competitive advantage that swells with each wave of funding, he added, announcing the…
These makers and vendors aren’t buying the scarcity mindset: ‘There’s a way for us all to eat’
A new vendor fair aims to unite people from all corners of the city and promote collaboration among the local vendor community, said entrepreneur and event organizer Dontavious Young. “I see a lot of events in Kansas City that are geared toward a specific type of crowd, or a specific type of culture, or a…