Indy Standard

U.S. Senators Todd Young, Jacky Rosen, Ted Budd, and Jeanne Shaheen have introduced the Small Business Technological Advancement Act. This legislation aims to assist small business owners in adopting digital tools by clarifying that they can use the Small Business Administration’s (SBA) 7(a) loan program to finance technology that supports daily operations such as inventory management, product delivery, and accounting systems.

Senator Young emphasized the importance of small businesses to Indiana's economy, stating, "Small businesses are the lifeblood of Indiana’s economy. Our bill will promote the adoption of digital tools so that Hoosier small businesses can better compete in today’s economy."

Senator Rosen echoed this sentiment for Nevada's economy: "Small businesses are the backbone of Nevada’s economy, and I’m committed to helping them thrive in any way I can. That’s why I’m helping to introduce this bipartisan bill that will free up federal resources to make sure small businesses have the technological support they need to modernize their operations and continue to compete."

Senator Budd highlighted the practical benefits of the bill: "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. I thank Senator Young for proposing this bill."

In agreement, Senator Shaheen noted the global competitiveness aspect: "In an increasingly digital world, more and more companies are using technology to modernize operations and compete globally. To ensure our small businesses can compete too, we must cut red tape to allow them to utilize digital tools to help manage and grow their businesses. Our commonsense, bipartisan bill will empower small businesses to use SBA’s 7(a) loans to access new software, digital tools and online work."

The proposed act responds to an accelerated trend among small businesses toward digital transformation over recent years. It aims to amend the Small Business Act so that borrowers under the 7(a) loan program can finance essential business software or cloud computing services.

The full legislative text is available for review.