FTA Endorses Slate of Legislation to Mark National Small Business Week
WASHINGTON, D.C. – The Financial Technology Association (FTA), a trade association representing leading fintech companies, today unveiled the “Powered by Fintech Small Business Policy Agenda,” a vision for the future of small business that unlocks access to capital and the financial tools for success. The agenda comes as FTA marks Small Business Week by highlighting the small business owners who rely on digital financial tools.
“Millions of small businesses rely on financial technology to fund and power their ventures,” said Penny Lee, President and Chief Executive Officer of the Financial Technology Association. “We need to modernize our policies to make it easier for small businesses to succeed with expanded access to innovative financial tools and technologies.”
Fintech fuels a small business’s full lifecycle, from funding a brilliant idea to enabling digital payments and simplifying operations like payroll, expense, or inventory management. Studies show that technology platforms are critical to small business growth and improve business operations. 84% percent of small business owners using more than six technology platforms saw increased profits, and 82% saw increased sales.
FTA’s policy agenda outlines three pillars to help more small business owners start, run, and scale their businesses.
- Starting a Business: Leveraging Technology to Reduce Paperwork Burdens. Nearly half of small businesses struggle to stay on top of regulations in the almost 11,000 United States tax jurisdictions, according to a recent Stripe survey. Another 86% agreed that the government should simplify tax compliance and filing requirements. Congress should make it easier, not harder, for small businesses to incorporate.
- FTA Endorsements: H.R.2611 – Eliminating Paperwork for Startups Act.
- Running a Business: Increased Access to Modern Technologies and Training Opportunities. Small businesses depend on digital tools to streamline their operations. Congress should modernize existing small business resource programs to meet small businesses’ emerging technology needs.
- FTA Endorsements: S.2330 – The Small Business Technological Advancement Act, S.2677 – Small Business Broadband and Emerging Information Technology Enhancement Act of 2023, S.77 – STEP Improvement Act of 2023, S.2000 – Military Spouse Entrepreneurship Act of 2023, and S.4487 – Small Business Artificial Intelligence Training and Toolkit Act of 2024.
- Scaling a Business: Streamlined Access to Capital. Fintech companies play an essential role in filling the credit access gap by introducing efficiencies into the underwriting process that help automate access to capital. Congress should make it easier for small businesses to benefit from these innovations.
- FTA Endorsements: H.R.3335 – To ensure the successful development of the electronic Income Verification Express Service, S.294/H.R. 298 – Expanding Access to Capital for Rural Job Creators Act, S.1706/H.R.4721 – Main Street Tax Certainty Act, and S. 1243/H.R.2767 – Small Business Investment Act of 2023.
Read the full Small Business Policy Agenda to learn more about the bills FTA endorsed to help ventures start, run, and scale.
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.