The Department of Defense’s Office of Strategic Capital has outlined eligibility criteria and started the application process for loans through the launch of its first notice of funding availability, or NOFA.
DOD said Monday the NOFA marks OSC’s first call for applications to scale production and speed up commercialization efforts for critical defense technologies.
“With this Notice of Funding Availability, OSC establishes itself as a credible lending partner for U.S.-based companies that manufacture and produce critical technology components,” said Deputy Secretary of Defense Kathleen Hicks.
“This demonstrates that DoD is dedicated to using every tool in our toolbox to secure America’s and our military’s enduring technological advantage,” added the 2024 Wash100 awardee.
OSC will fund the equipment needs of companies to help them advance production across 31 covered tech categories identified as promising critical technologies in the fiscal year 2024 National Defense Authorization Act.
In March, OSC received congressional appropriations, enabling it to loan up to $984 million to eligible commercial entities under NOFAs.
In December 2022, Defense Secretary and three-time Wash100 Award recipient Lloyd Austin formed OSC to help attract and scale private capital for national security priorities.