The Small Business Administration and the Department of Defense have launched an initiative to drive investments in critical technologies that are key to national security.
The Small Business Investment Company Critical Technologies Initiative advances the current administration’s commitment to building the country’s national security innovation base by scaling new technology platforms.
“Earlier this week, I announced the creation of the Department’s Office of Strategic Capital and I’m delighted that OSC’s first official activity will be a partnership with the Small Business Administration,” said Lloyd Austin, secretary of DOD and a two-time Wash100 awardee.
“This partnership will help secure funding for critical areas for national defense—and ensure that our warfighters get the capabilities they need, before they need them,” added Austin.
SBA Administrator Isabella Casillas Guzman said the agency is proud of expanding its partnership with DOD to drive U.S. technological and defensive strength in support of national security.
“DoD’s newly established Office of Strategic Capital will leverage SBA’s expertise and successes aligning and scaling public and private capital through its Small Business Investment Company program to address funding gaps in the innovation ecosystem,” Guzman noted.
Supporting the partnership with DOD is SBA’s launch of a regulation that introduces the Accrual Debenture, a financial instrument meant to attract private capital that could support startups working on defense technology capabilities.