WASHINGTON, D.C. – The Financial Technology Association (FTA) today announced support for The Small Business Technological Advancement Act (S. 2330), bipartisan legislation introduced by U.S. Senators Todd Young (R-IN), Jacky Rosen (D-NV), Ted Budd (R-NC), and Jeanne Shaheen (D-NH). This legislation would modernize the Small Business Administration’s 7(a) loan program to help more small business owners access critical digital financial tools, helping them find more customers, hire more workers, and grow their businesses.
“Financial technology supports the full lifecycle of a small business, from providing affordable capital to start a company to simplifying expenses, accounting, and payroll,” said Penny Lee, President and Chief Executive of the Financial Technology Association. “We applaud Senators Young, Rosen, Budd, and Shaheen for championing this commonsense legislation that will help put the digital tools for success in the hands of more small business owners.”
The Small Business Technological Advancement Act (SBTAA) would clarify that digital tools are an allowable use of funds under the Small Business Administration’s 7(a) loan program. Studies have shown that 84 percent of small business owners using more than six technology platforms saw increased profits, and 82 percent saw increased sales. The SBTAA would make it easier for small business owners to use digital financial tools to improve business operations such as payroll processing, accounting, tracking supplies, managing inventory, handling expenses, and more.
The Financial Technology Association champions the power of fintech to support the small businesses too often underserved by traditional financial institutions. FTA supports policy efforts like the SBTAA to improve Main Street businesses’ access to capital and other financial services. To learn more about the business owners who rely on fintech, click here.
ABOUT US
The Financial Technology Association (FTA) is a Washington, DC-based trade association representing industry leaders shaping the future of finance. We champion the power of technology-centered financial services and advocate for the modernization of financial regulation to support inclusion and responsible innovation.