Broughton: Small business programs need to be modernized

I recently was honored to join 20 other small businesses in Washington, DC to talk with lawmakers and leaders from the Small Business Administration (SBA) about what we, as entrepreneurs, need to grow and succeed in today’s fast-paced, technology-driven economy.

Helping small businesses and nonprofits succeed by creating meaningful change is my life’s work, and why I founded my consulting company more than ten years ago. Many of my clients face barriers to accessing the tools they need, such as AI-powered software to help run their businesses and operations more efficiently, so they can focus on what matters most.

I love the mission of the SBA and what it offers to entrepreneurs, but government programs and funding often fail to prioritize or support new technologies — like AI — as an authorized use of loan funds, grants or technical assistance.

Congress has a once-in-a-generation opportunity to ensure that small businesses have the resources they need to take full advantage of AI tools.

Only two in five small businesses are familiar with AI, and 50 percent want to learn more about it. (Source: Intuit QuickBooks AI Survey: Small businesses are embracing AI, Sept. 2023) There’s an urgent need for AI literacy.

One easy solution is for Congress to support the bipartisan Small Business Technological Advancement Act (SBTAA), which would authorize SBA loans to buy digital tools (powered by AI) for small businesses. I hope the lawmakers we met will hear our call and take this opportunity to make things a bit easier for entrepreneurs and small business owners like myself and my clients.

Teniqua Broughton
Phoenix

Editor’s note: Ms. Broughton is CEO of VerveSimone Consulting based in Phoenix.