The Small Business Technological Advancement Act has been introduced by four U.S. senators with the goal of helping small businesses integrate digital tools into their operations.
Enhancing Operations Through Digital Tools
The Office of Senator Todd Young said Friday the Indiana senator, along with Jacky Rosen of Nevada, Ted Budd of North Carolina and Jeanne Shaheen of New Hampshire introduced the legislation to inform small businesses that they can use the Small Business Administration’s 7(a) loan program to keep up with evolving digital transformation, including the integration of software designed for maintaining business operations and enhancing customer interactions.
Under the SBTA, small businesses are allowed to leverage the loan program to finance efforts to integrate digital tools for enhancing the following aspects of day-to-day operations:
- Product or service delivery
- Inventory or supply management
- Accounting systems
- Sales and billing functions
- Processing, payment and payroll tracking
- Human resources
“Small businesses are the lifeblood of Indiana’s economy,” said Senator Young. “Our bill will promote the adoption of digital tools so that Hoosier small businesses can better compete in today’s economy.”
