Washington, D.C. — Senators Ted Budd (R-NC), Todd Young (R-IN), Jacky Rosen (D-NV), and Jeanne Shaheen (D-NH) have introduced the Small Business Technological Advancement Act.
The legislation would permit small businesses to use the Small Business Administration’s 7(a) loan program to finance technology that supports daily operations, including inventory management, product delivery, and accounting systems.
Bill text may be found here.
Senator Budd said in a statement:
“Allowing job creators to use 7(a) loans for digital business tools is a common-sense way to help small businesses compete in the 21st century economy. Thanks to Senator Young for proposing this bill.”