Press Releases

Washington, DC—Today, the U.S. House of Representatives passed Congressman Mark Alford’s (MO-04) Small Business Technological Advancement Act (H.R. 915), bipartisan legislation that ensures small businesses can use SBA 7(a) loans to invest in modern digital tools and technology needed to compete in today’s economy.

“Small businesses are the backbone of the American economy. They create jobs, strengthen communities, and drive innovation across this country,” said Congressman Alford. “But in today’s economy, they cannot compete without access to modern technology and digital tools.

This bill provides a simple, commonsense fix by making clear that SBA 7(a) loans can be used for the technology that keeps Main Street competitive — including software, cloud services, cybersecurity, and other essential tools. It removes uncertainty, expands opportunity, and helps entrepreneurs focus on what they do best: growing their businesses and creating jobs," said Congressman Alford.

The bill clarifies that loan funds may be used for essential business technologies such as accounting software, payroll systems, cybersecurity tools, inventory management platforms, cloud services, and emerging artificial intelligence applications. By codifying current federal guidance, the legislation streamlines access to capital and helps small businesses modernize and grow.

The House Small Business Committee previously advanced the legislation with strong bipartisan support.

The bill now heads to the Senate for further consideration.

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