image credit: Adobe Stock

Senate bill would let small businesses use SBA loans to cover fintech fees

October 5, 2023

Small-business owners are increasingly relying on digital financial tools to help them manage spend, process payments, track payroll expenses, and handle other administrative tasks, according to the Financial Technology Association.

That’s why the trade group, which represents 26 fintechs, says it is backing the Small Business Technological Advancement Act, a bipartisan bill that would clarify that loans made under the Small Business Administration’s 7(a) program can be used to help cover the fees associated with fintech services.

Read More on Payments Dive