Ernst can help small business access AI tools

Small businesses are the engine of America’s economy. More than 33 million small businesses operate in the U.S., including the 272,465 small businesses based in Iowa. Last year, these small businesses created 26,905 new jobs. But small businesses are often excluded in the policymaking process in Washington, D.C. in favor of big, established companies and their priorities. That’s especially true now with discussions around the risks and opportunities AI offers.

I started my business, Candice Luter Art + Interiors, during the COVID-19 pandemic. While my art and designs are tangible, digital tools helped me move my business from an idea to reality. Accounting software increasingly uses AI to offer users more powerful features. QuickBooks is an example — its AI assistant streamlines the accounting process and ensures invoices are paid on time so I can dedicate more time to creating meaningful and inspiring art.

AI creates exciting opportunities for entrepreneurs. Unfortunately, many small business owners who want to integrate can’t afford the initial cost in dollars and time — bigger businesses can. The Bipartisan Policy Center reported that 55% of small businesses believe that the cost is one of the biggest barriers to using AI tools.

Congress can do more to help small businesses meet these high upfront costs.

Earlier this year, I joined twenty of my fellow members of the Intuit Small Business Council in Washington, D.C. to meet with members of Congress to discuss how small businesses can benefit from AI, and how Washington can support us.

I met with staff from Sen. Joni Ernst’s office, and urged them to support the bipartisan Small Business Technological Advancement Act (SBTAA, S. 2330), which would allow small business owners to use Small Business Administration 7(a) loan-guarantee funding to invest in the innovative AI tools they need to compete in today’s market.

The SBTAA is critical legislation that would provide a boost for small businesses nationwide. This bipartisan bill is backed by the data. According to the Intuit QuickBooks Small Business Index Annual Report released last fall, small businesses that adopted several digital tools are more likely to report higher sales revenue in the last year. The report also showed how many small businesses are struggling with high credit rates and increased costs — entrepreneurs need every boost they can get.

As policymakers continue to debate the risks and benefits of AI, they must include small businesses at the negotiating table. Expanding access to AI tools for small businesses can help them compete and bridge the digital divide. As a senior member of the Senate Small Business Committee, Sen. Ernst can strengthen her support for Iowa’s small businesses by endorsing this bill.

Candice Luter is the owner of Candice Luter Art + Interiors.