U.S. Senators Todd Young (R-Ind.), Jacky Rosen (D-Nev.), Ted Budd (R-N.C.), and Jeanne Shaheen (D-N.H.) introduced bipartisan legislation to help small business owners integrate digital tools into their businesses. The Small Business Technological Advancement Act would clarify that small businesses can utilize the Small Business Administration’s (SBA) 7(a) loan program to finance technology that supports daily operations, including inventory management, product delivery, and accounting systems. The bill is meant to mitigate the economic barriers associated with the adoption of digital tools by small businesses.
Opinion:
The Small Business Technological Advancement Act is a step in the right direction for small businesses, but it is important to remember that the bill does not address the underlying issue of access to digital tools. Many small businesses lack the resources to purchase the necessary technology, and this bill does not provide any additional funding to help them. Furthermore, the bill does not address the need for training and education on how to use digital tools, which is essential for small businesses to be able to compete in the digital economy.
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