The Office of Strategic Capital (OSC) today announced the release of its first Notice of Funding Availability (NOFA), which lays out eligibility criteria and initiates the application process for OSC loans. This will be the first OSC application call to accelerate commercialization and scale production for critical 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."
The NOFA will finance companies' equipment needs to help them scale production in the 31 covered technology categories identified as promising critical technologies and assets in the National Defense Authorization Act for Fiscal Year 2024 (FY24 NDAA). By setting forth eligibility requirements and the application process, the NOFA ensures that companies are fully prepared to apply for OSC financing.
Secretary of Defense Lloyd J. Austin III established the OSC in December 2022 with the mission to attract and scale private capital for national security priorities. In December 2023, Congress formally enacted OSC into law through the FY24 NDAA, granting the office new authorities to issue loans and loan guarantees. Congress also appropriated funds for OSC in March 2024 to loan up to $984 million to eligible companies in this NOFA.
"Through these congressional authorities and appropriations, the DoD now has proven financial tools to enable millions of dollars of investment in national security priorities at limited cost to the Department and the taxpayer," said OSC Director Jason Rathje. "OSC's implementation of its congressional mandate will ultimately increase both public and private investment to secure a robust and resilient U.S. industrial base."
To read the full NOFA, please visit the Federal Register website here. OSC encourages the market to share the NOFA widely with colleagues.
About the Office of Strategic Capital
Established by Secretary of Defense Lloyd J. Austin III in December 2022, the Office of Strategic Capital has a mission to attract and scale private capital for national and economic security priorities. Follow the work of the Office of Strategic Capital at https://www.osc.mil.