Press Releases

WASHINGTON – Today, Congressman Mark Alford (MO-04) introduced the Small BusinessTechnological Advancement Act, a bill to modernize the Small Business Administration’s (SBA) policies. This legislation clarifies that SBA 7(a) loan funds can be used for digital tools and services, ensuring small businesses have the resources to compete in a modern economy. 

“Small businesses are the fabric of America, driving innovation and growth,” said Congressman Alford. “This legislation provides clarity and support for small businesses to embrace digital tools, enhancing their competitiveness in a rapidly evolving global market.”

“Fintech is the financial tool of choice for millions of American small businesses and start-ups, 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 smallbusinesses to benefit from these innovative technological tools.”

View legislation here.