U.S. Senators Todd Young, Jacky Rosen, Ted Budd, and Jeanne Shaheen have introduced a new bill aimed at supporting small businesses in adopting digital tools. The proposed legislation, known as the Small Business Technological Advancement Act, seeks to clarify that small business owners can use the Small Business Administration’s (SBA) 7(a) loan program to finance technology essential for their daily operations.
Senator Todd Young emphasized the importance of this initiative for Indiana's economy. "Small businesses are the lifeblood of Indiana’s economy," he stated. "Our bill will promote the adoption of digital tools so that Hoosier small businesses can better compete in today’s economy."
Senator Jacky Rosen highlighted her commitment to aiding Nevada's small businesses. "Small businesses are the backbone of Nevada’s economy, and I’m committed to helping them thrive in any way I can," she said. She noted that the bipartisan bill would provide federal resources to help these businesses modernize and remain competitive.
Senator Ted Budd described the bill as a commonsense measure to support job creators. "Ensuring that small business can use 7(a) loans for digital tools is a commonsense way to help job creators compete in the modern economy," he remarked.
Senator Jeanne Shaheen pointed out the increasing reliance on technology by companies worldwide. "In an increasingly digital world, more and more companies are using technology to modernize operations and compete globally," she said. She believes that cutting red tape is crucial for enabling small businesses to utilize digital tools effectively.
The Small Business Technological Advancement Act aims to amend the Small Business Act, allowing 7(a) loan borrowers to finance software or cloud computing services necessary for their business operations.
Full legislative text is available online.
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