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 KCK’s ‘dopest, 7-fingered, adopted, biracial business owner’ is serving kinship, coffee at his new cafe
When a new coffee shop in KCK’s Strawberry Hill neighborhood opens this fall, the space is expected to feature more than just specialty roasts — with financial literacy programming, community workouts and hip hop yoga sessions on the menu. “It’s never been about, ‘How can I make the most money the fastest?’” said TJ Roberts,…
Beacon analysis: Restaurant relief funds flowed to whiter, more affluent areas of Kansas City
Editor’s note: The following story was originally published by The Kansas City Beacon, a nonprofit, public-service journalism newsroom serving Kansas and Missouri. Click here to read the original story or here to sign up for the free Kansas City Beacon email newsletter. Local businesses received a total of $53 million from the fund, but few of those dollars flowed…
New ranking: How KC can break into the Top 10 Midwest startup cities (and why it hasn’t yet)
A freshly released ranking of Midwest startup hubs shows Kansas City maintaining its years-long position at No. 12, but warns — despite a few recent headline-grabbing wins — the metro faces the threat of stagnation without increased activity, startup reinvestment and government support. “You had to get more funding and big exits just to stay…
Blakk men are more than what you see on the 9 o’clock news, says members-only social club
Defining what it means to be a Black man is among the most important goals for a newly opened Midtown gentlemen’s club, Christina Williams explained, offering insight into what men of color are raised and called to be — but that society has often twisted into something unfair. “It has nothing to do with color. It’s…