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
KC-created comic’s evolution in motion as ‘Scarlet Knight’ quests toward animated streaming series
Kansas City comic book creator Juaquan Herron is adding another chapter to his ongoing graphic novel series, “The Scarlet Knight,” though this next iteration will be even more animated. Describing the coming move as a long-expected next step, Herron announced he’s begun working on a five-episode animated video series — each about 10 minutes long…
Venboo heads to market(s), hoping to make local vendors the next Crumbl Cookies with its event booking tech
The Venboo app — which connects individual vendors and event organizers on a single platform — will soon gain a dashboard that allows all parties to connect more seamlessly, detailed Juaquan Herron. The dashboard is expected to further streamline the user’s booking experience of Venboo, which lets vendors set criteria for events that match their…
Behind the blooom deal: How Morgan Stanley at Work boosted its robo-advising tech with startup buy, but kept a human touch
Editor’s note: Morgan Stanley is a financial supporter of Startland News. The investment management and financial services company has branches in Leawood and on the Country Club Plaza. Acquisition is scaling blooom’s tech ‘beyond our wildest dreams’ Integrating a Kansas City startup’s tech into its globe-spanning robo-advising portfolio — along with securing a soft landing…
From abandoned artifact to new Negro Leagues’ space: Why renovated Paseo YMCA now bears the name ‘Buck O’Neil’
The Negro Leagues Baseball Museum’s redevelopment of the old Paseo YMCA is nearly complete, according to NLBM President Bob Kendrick, who said the renovated building will help the museum share the history of the Negro Leagues with generations to come. Set to open in late spring or early summer, the Buck O’Neil Education and Research…