Secretary of Defense Lloyd J. Austin III and Small Business Administration (SBA) Administrator Isabella Casillas Guzman have unveiled an important initiative aimed at increasing private capital investment in critical technologies. The Small Business Investment Company Critical Technology (SBICCT) Initiative is a joint effort between the SBA and the Department of Defense (DoD) that seeks to bolster our economic and national security.
This initiative is the first of its kind under the SBA-DoD partnership, which was launched in December 2022. The goal is to promote private sector investment in component-level technologies and production processes that are vital to US national security interests.
The SBICCT Initiative will leverage federally-guaranteed loans to attract private capital investment in the DoD’s critical technology areas. The DoD’s Office of Strategic Capital (OSC) and the SBA’s Office of Investment and Innovation (OII) will collaborate to execute this partnership. By combining the SBA’s expertise in executing successful Small Business Investment Company (SBIC) programs with the DoD’s scientific and technical knowledge, this initiative aims to strengthen both our national security mission and our vibrant technological ecosystem.
Secretary Lloyd J. Austin III emphasized the importance of maintaining the United States’ competitive advantage by harnessing its private capital markets, national security supplier base, and technological prowess. Aligning with the National Defense Strategy, the SBICCT Initiative will foster collaboration between the government and the private sector to create enduring advantages for both the warfighter and the taxpayer.
Through the SBICCT Initiative, this public-private partnership will demonstrate its ability to modernize and grow our national security supplier base, thereby enhancing our long-term national and economic security. By attracting and scaling private capital to critical technologies, the Office of Strategic Capital, established by Secretary Austin, aims to ensure that future warfighters have the necessary capabilities.
For more details about the SBICCT Initiative and its application criteria, interested individuals can visit the SBA website. This initiative represents a significant step towards bolstering private capital investment in critical technologies and safeguarding our national security for years to come.
About the Office of Strategic Capital: Established in December 2022, the Office of Strategic Capital, under Secretary Lloyd J. Austin III, is committed to attracting and scaling private capital to critical technologies that are essential for national security. To stay updated on the work of the Office of Strategic Capital, visit their website at “https://www.cto.mil/osc/”.