What: On September 30, 2024, the U.S. Department of Defense (DOD) announced the availability of $984 million in loans to help American businesses scale production in technologies identified as promising critical technologies and assets in the National Defense Authorization Act for Fiscal Year 2024. Most notably, this includes technologies related to cybersecurity.
The notice of funding availability, published in the Federal Register on September 27, 2024, provides instructions for companies who wish to apply for some of this money. Eligibility and selection criteria for investments include (but are not limited to):
- Compliance with the law.
- The extent to which an investment supports U.S. national security or economic interests.
- The impact that direct loans would have on an applicant’s project or transaction.
- The creditworthiness of DOD’s investment.
The application must be submitted in two parts. Part 1 of the application may be submitted from January 2, 2025, through February 3, 2025. Following review, the Office of Strategic Capital will invite selected applicants to the second stage of review.
Why: These funds are targeted toward all businesses seeking assistance in commercializing or scaling the production of technology for the Department of Defense. Because this includes cybersecurity, it is of particular interest to small businesses working with the Department of Defense as contractors or subcontractors.
Action: Interested businesses should read the Federal Register notice online and begin preparing applications.
Applications are due January 2, 2025. Submission is done via the OSC website.
Advocacy contact: Send an email to Major Clark at major.clark@sba.gov.