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
Tees to NFTs: Why the designer behind one of KC’s most iconic young brands is testing the waters of crypto
Blockchain’s rise is sending a wave of change crashing over far-ranging industries — and a Kansas City-based design and branding studio is ready to hang ten, its founder said. “I saw it as an emerging market of opportunity,” Ocean and Sea’s Brendan O’Shaughnessy told Startland News, detailing the popular design firm and clothing brand’s nose dive…
Yelp for DEI: New tech gives public a tool to share discrimination concerns in real-time, empowers companies to monitor, improve
Aishah Augusta-Parham’s tech platform has a goal rooted in impact: help business owners become more mindful of diversity, equity, inclusion efforts in their day-to-day operations — better ensuring their customers do business with companies and brands that embody shared values. “We are the Yelp of diversity, equity, and inclusion,” Augusta-Parham said, detailing the mission behind…
Dough-re-mi: Choir teacher’s pop-up pie hustle bakes her second verse from scratch
On any given weekday, Ann Lewis Marzette can be found in the classroom, teaching and training students in the Kearney Middle School choir. But when the clock strikes 3 p.m., she trades sheet music and scales for mixing bowls and measuring cups, embracing a side hustle that has her singing dough-re-mi — while customers serenade…
Return on investment: Why the co-founder of tech giant Dropbox just donated $500K to Blue Valley schools
Blue Valley schools, teachers, and students are expected to benefit greatly from a newly announced fund launched by the homegrown Johnson County tech entrepreneur who later co-founded the cloud storage giant Dropbox. Arash Ferdowsi, a 2004 graduate of Blue Valley Northwest High School, has put up $500,000 to launch the Arash Ferdowsi Fund, which benefits…