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
Why this KC esports startup is betting on a gambling app to scale into new NFT, cryptocurrency levels
The Kansas City Pioneers became the first professional esports organization to step into the head-to-head gaming and gambling sphere thanks to its pairing with PLLAY Labs — an AI-based wagering platform. “We see this partnership as a tremendous opportunity to tap into a community of folks who love competition — and then inject the KC…
Can tech save the family farm? E-commerce farmers market plants seeds in Kansas City
An Indianapolis-based startup is planting seeds of change it hopes can enhance the ways growers and producers get their products into the hands of customers. Kansas Citians are harvesting from it in bushels. “This is definitely a business of passion for me,” Nick Carter said, recalling his upbringing and days spent on his family’s farm…
‘Everybody at TripleBlind is better than me,’ founder says as top startup’s global team firewalls groupthink
Startup companies are on a continual mission to create, define and own the category in which they operate within, Riddhiman Das noted, and to do so — startup founders must build a proficient team. “If you’re not the category-defining company, then it’s not as big a win. Categories are typically defined at the global level,…
First bite of Tyler Shane: This spicy new pairing with Westport favorite Café Corazón has cacao lovers going nuts
‘I want people to sit down and really have a moment with their chocolate’ When Tyler Shane bites into a piece of chocolate, all of her senses come alive to fully indulge in the experience. “Food, for me, is almost like a religious experience,” she said. After spending seven years at Christopher Elbow Chocolates, the…