EconDefense
IND-08 / Industrial capacity, capital and credit

Finance or refinance dual-use critical technology with OSC direct loans

Provide loans for eligible investments in enumerated covered technology categories; the legal form is capital assistance, not an unrestricted equity fund.

Action briefPDF dossier · original 168Download record
Authority / instrument · IND-08

Technology credit

Industrial capacity, capital and credit

Statute & instrument
Authority holder

Secretary of Defense acting through OSC Director

What this does not authorize / hard limit

Not an unrestricted equity fund.

Recorded executor

OSC Director and credit transaction team

Continue to actor →

Institutional routing from the recorded executing role. See the office profile for its published responsibilities and engagement routes.

Legal basisSources linkedLegal sources and instrument limits are recorded.
RequirementsGates recordedRead the requirements for this instrument; applicability depends on the proposed action.
Public fundingScale documentedAdvance appropriations specifically providing credit assistance; Federal Credit Reform cost and DoD Credit Program Account. A headline lending ceiling is not cash available. Office budget figures are separate institutional context, not an allocation to this instrument.
Assigned rolesRemit sourcedPublic sources describe institutional authority. The instrument identifies approval and execution roles; a specific signature remains transaction-dependent.
EngagementMixed program statusTwo distinct OSC direct-loan routes are documented: closed initial equipment intake and published NSFF fund-manager intake. SBICCT is a separate SBA-supported private-fund route. Program check: 2026-10-04; see each route for intake status.

Public evidence describes the institution and instrument; it is not approval of an individual transaction.

At a glance

Mission goalExpand production
Possible toolIND-08 · Loans & guarantees

Authority holder: Secretary of Defense acting through OSC Director

Loans & guarantees

Mechanism tags describe the source text; they do not expand the authority.

Availability and verification

Conditional legal pathway; current funding, required determinations, and actual delegation not certified.

Program process and intake

Checked 2026-10-04 · program documented. Program evidence is separate from legal authority, available funds and transaction approval.

Two distinct OSC direct-loan routes are documented: closed initial equipment intake and published NSFF fund-manager intake. SBICCT is a separate SBA-supported private-fund route.

OSC Equipment Finance — initial direct-loan round

Who this route serves
Eligible operating companies/project sponsors seeking equipment financing; not a general startup grant.
Administering office / routing lead
Office of Strategic Capital
Direct implementation

Published implementation of OSC direct-loan authority under 10 U.S.C. 149; the initial equipment program is narrower than the full statute.

What this evidence label means
Initial Part 1 intake closed

Part 1 closed February 3, 2025. Existing applicants have a published contact route; a new generally open company intake was not verified.

Status reference date: 2026-10-04 · research checked 2026-10-04

OSC Equipment Finance · Application status; eligibility and exclusions; application processofficial program guidance · Evidence record

Program eligibility

  • U.S.-domiciled applicants, eligible dual-use covered technology, creditworthiness and qualifying equipment investment; foreign ownership alone is not disqualifying.

    OSC Equipment Finance · Application status; eligibility and exclusions; application processofficial program guidance · Evidence record

  • The initial NOFA permits borrower or sponsor operating history; its three-year baseline may be waived or increased by OSC.

    OSC Notice of Funding Availability, September 27, 2024 · 89 FR 79271–79278, sections 1, 4, 6–8federal register notice · published 2024-09-27 · Evidence record

Steps and preparation

  • Initial Part 1 screening, invited Part 2 underwriting/due diligence, credit approval and negotiated documents, then closing and conditional disbursement.

    OSC Equipment Finance · Application status; eligibility and exclusions; application processofficial program guidance · Evidence record

  • Prepare project, technology, ownership, financing and repayment evidence; the published NOFA specifies SAM registration and a UEI.

    OSC Notice of Funding Availability, September 27, 2024 · 89 FR 79271–79278, sections 1, 4, 6–8federal register notice · published 2024-09-27 · Evidence record
Funding, limits and authority relationship

Funding and financial terms

  • Historical program loan range · Initial 2024 NOFA / 2025 intake

    Initial published loan range: $10M–$150M per eligible borrower; this is principal, not a grant or current uncommitted balance.

    OSC Notice of Funding Availability, September 27, 2024 · 89 FR 79271–79278, sections 1, 4, 6–8federal register notice · published 2024-09-27 · Evidence record
  • Enacted credit subsidy / principal ceiling · FY 2026

    FY 2026 enacted credit account: $97.770M no-year credit-cost funding and $4.390B loan/guarantee principal ceiling; not a remaining balance or equipment-only allocation.

    Public Law 119-75 · Division A, Department of Defense Credit Program Account and section 8134statute · published 2026-02-03 · Evidence record

Exclusions and limits

  • Early-stage/pre-revenue or insufficient-history applicants need a creditworthy sponsor/guarantor; sole-federal-user projects and repayment predominantly from federal sources are excluded by program criteria.

    OSC Equipment Finance · Application status; eligibility and exclusions; application processofficial program guidance · Evidence record

  • This NOFA offers direct loans only. Its discussion of future guarantees does not establish a currently open guarantee product.

    OSC Notice of Funding Availability, September 27, 2024 · 89 FR 79271–79278, sections 1, 4, 6–8federal register notice · published 2024-09-27 · Evidence record

Authority relationship source

OSC Notice of Funding Availability, September 27, 2024 · 89 FR 79271–79278, sections 1, 4, 6–8federal register notice · published 2024-09-27 · Evidence record

Equipment Finance status and existing-applicant instructions →

program status / existing applicant contact: Not a new open application. Existing applicants: OSC.Loan.Application@osc.mil, subject NOFA 1 Contact.

National Security Fund Finance — critical minerals/materials debt funds

Who this route serves
Professional debt-fund managers, not operating-company applicants.
Administering office / routing lead
Office of Strategic Capital
Direct implementation

NOFO cites 10 U.S.C. 149 and covered critical-minerals/materials category; this is OSC fund-level lending, not direct government equity.

What this evidence label means
Published submission window

Proposals due November 1, 2026, 5 p.m. EDT. This is a debt-fund-manager submission window, not an operating-company loan application.

Status reference date: 2026-10-04 · research checked 2026-10-04

OSC National Security Fund Finance NOFO · Key Dates, printed p. 1 / PDF p. 3: November 1, 2026 at 5:00 p.m. EDT; intended diligence selection January 10, 2027; conditional commitments March 10, 2027; OSC reserves deadline extensions. · Full source documentsolicitation or program notice · published 2026-08-19 · Evidence record

Program eligibility

  • Manager and fund must be U.S.-formed and appropriately authorized, with substantial U.S. presence, relevant experience, reporting and cyber capabilities; restricted entities are ineligible.

    OSC National Security Fund Finance NOFO · NSFF NOFO.pdf, dated August 19, 2026, printed pp.1–5, 12–15; PDF pp.3–7,14–17 · Full source documentsolicitation or program notice · published 2026-08-19 · Evidence record

Steps and preparation

  • Submit four proposal volumes, requested attachments, ownership/foreign-interest information, track record and SAM/UEI details; screening, diligence and OMB subsidy scoring precede negotiated closing.

    OSC National Security Fund Finance NOFO · NSFF NOFO.pdf, dated August 19, 2026, printed pp.1–5, 12–15; PDF pp.3–7,14–17 · Full source documentsolicitation or program notice · published 2026-08-19 · Evidence record
Funding, limits and authority relationship

Funding and financial terms

  • Proposed fund credit facility; unresolved published terms · August 19, 2026 NOFO

    The public NOFO retains bracketed $500M–$1B and 125% terms plus a drafting note. Do not render these as settled amounts; seek the complete current terms.

    OSC National Security Fund Finance NOFO · NSFF NOFO.pdf, dated August 19, 2026, printed pp.1–5, 12–15; PDF pp.3–7,14–17 · Full source documentsolicitation or program notice · published 2026-08-19 · Evidence record

Exclusions and limits

  • OSC advances must fund eligible first-/second-lien critical-minerals/materials loans for dual-use sectors not predominantly federally capitalized. Fund equity investing is barred except workout/restructuring holdings, subject to lawful OSC waiver. Loan draws cannot pay partners; this is not a blanket ban on permitted fund-income distributions.

    OSC National Security Fund Finance NOFO · NOFO section3.C, printed pp3–4/PDF pp5–6; Attachment I Restricted Payments, printed p25/PDF p27; Schedule I Investment Restrictions and waiver, PDF p37. · Full source documentsolicitation or program notice · published 2026-08-19 · Evidence record

Authority relationship source

OSC National Security Fund Finance NOFO · NSFF NOFO.pdf, dated August 19, 2026, printed pp.1–5, 12–15; PDF pp.3–7,14–17 · Full source documentsolicitation or program notice · published 2026-08-19 · Evidence record

NSFF notice and application package →

fund-manager application: Published proposal email: OSDRE-NationalSecurityFundFinanceSubmissions@groups.mail.mil. Review the full NOFO, embedded Attachments I–III, separately listed IV/V, and later amendments before submission. Bracketed terms require clarification.

SBIC Critical Technology Initiative — adjacent SBA/OSC route

Who this route serves
Fund managers apply for SBIC licensure; eligible small businesses approach participating private funds.
Administering office / routing lead
SBA Office of Investment and Innovation, with OSC technology support
Related process

A joint SBA–DoD initiative under the SBIC framework and memorandum of agreement; it is adjacent to, not proof of execution of, OSC section 149 loan-guarantee authority.

What this evidence label means
Licensing process documented; verify fund appetite

SBA removed quarterly initial-review filing windows effective May 18, 2026. Applications are processed on receipt, subject to priority rules and completeness.

Status reference date: 2026-10-04 · research checked 2026-10-04

SBA Procedural Notice 2026-002: Quarterly Filing Windows · Pages 1–2, effective May 18, 2026official program guidance · published 2026-05-18 · Evidence record

Program eligibility

  • Fund strategy must direct at least 60% of invested capital to the initiative focus; SBA assesses team, strategy, fundraising and operations. Adversarial-country direct LPs are disqualifying under the IPS.

    SBIC Critical Technology Initiative Investment Policy Statement · January 10, 2025 IPS, sections 1, 3.1–3.5 and 4; PDF pp.3,5,8–16official program guidance · published 2025-01-10 · Evidence record

  • Portfolio companies must satisfy applicable SBA size, U.S.-operations and eligible-industry rules; each private fund sets its investment focus.

    SBA — Investment capital · Check your eligibility; Find an investorofficial program guidance · Evidence record

Steps and preparation

  • Fund-manager route: optional pre-screen, Management Assessment Questionnaire and exhibits/fee, diligence/interview, green-light fundraising and final licensing.

    SBA — Small Business Investment Companies · Apply to be an SBIC; types of debentures; leverage commitmentsofficial program guidance · Evidence record

  • Company route: identify an actively investing suitable fund, prepare a business plan and approach that fund—not an OSC company application.

    SBA — Investment capital · Check your eligibility; Find an investorofficial program guidance · Evidence record
Funding, limits and authority relationship

Funding and financial terms

  • SBA-guaranteed fund debt plus private capital · Current SBA program guidance

    SBA-guaranteed debentures leverage privately raised fund capital. Standard and accrual structures differ; leverage is subject to licensing and SBA credit limits, not an OSC appropriation.

    SBA — Small Business Investment Companies · Apply to be an SBIC; types of debentures; leverage commitmentsofficial program guidance · Evidence record

Exclusions and limits

Authority relationship source

SBIC Critical Technology Initiative Investment Policy Statement · January 10, 2025 IPS, sections 1, 3.1–3.5 and 4; PDF pp.3,5,8–16official program guidance · published 2025-01-10 · Evidence record

SBICCT fund-manager directory →

company-to-private-fund discovery: August 2026 published cohort; verify each manager’s license status, sector fit and current investment appetite. Managers seeking licenses use SBA guidance.

Source access and verification notes
  • OSC National Security Fund Finance NOFO · NSFF NOFO.pdf, dated August 19, 2026, printed pp.1–5, 12–15; PDF pp.3–7,14–17 · Full source documentsolicitation or program notice · published 2026-08-19 · Evidence record

    Public SAM attachment successfully downloaded; public attachment retrieved.

  • OSC National Security Fund Finance NOFO · NOFO dated August 19, 2026: Key Dates printed p. 1 / PDF p. 3; funding restrictions printed pp. 3–4 / PDF pp. 5–6; Attachment I PDF pp. 19–49; II pp. 50–51; III pp. 52–54. · Full source documentsolicitation or program notice · published 2026-08-19 · Evidence record

    Full 54-page official SAM attachment downloaded and read. Attachments I–III are embedded in this PDF; IV/V are separately listed. Several numeric terms remain bracketed and a drafting note remains.

  • OSC National Security Fund Finance NOFO · Key Dates, printed p. 1 / PDF p. 3: November 1, 2026 at 5:00 p.m. EDT; intended diligence selection January 10, 2027; conditional commitments March 10, 2027; OSC reserves deadline extensions. · Full source documentsolicitation or program notice · published 2026-08-19 · Evidence record

    Full 54-page official SAM attachment downloaded and read. Attachments I–III are embedded in this PDF; IV/V are separately listed. Several numeric terms remain bracketed and a drafting note remains.

Research scope and sources checked

The first program-depth pass checked the cited program pages, notices and legal framework. Evidence is limited to the named routes and source-access notes; it does not establish every implementation of the statute.

What remains unverified

  • The public 54-page NSFF NOFO includes Attachments I–III; IV/V are separately listed on SAM. Several facility-size, leverage, concentration and covenant terms remain bracketed, with a drafting note. Confirm final terms and later amendments; do not present bracketed figures as settled commitments.
  • Equipment program has no verified new open company intake. Obtain a newer notice before changing that status.
  • OSC homepage says SBIC leverage up to $175M while the dedicated fund-financing page says $250M. Do not publish a single universal cap until current statute/license-type rules resolve the discrepancy.

A dated source check is not continuing monitoring. Recheck the linked official notice before preparing a submission. Browse program research →

Dated program and routing context

OSC Equipment Finance

Equipment Finance Part 1 closed February 3, 2025; no new Part 1 submissions or pre-application consultations for that NOFA. Existing applicants have a separate follow-up channel. Future offerings will be announced separately.

Published Equipment Finance criteria exclude early-stage or pre-revenue borrowers without a creditworthy sponsor guarantee, sole-Federal-user projects, and projects relying mainly on Federal sources for repayment. Eligible borrowers are U.S.-domiciled public or private companies, including some foreign-owned companies.

Program criteria, not additional universal requirements of every transaction under 10 U.S.C. §149. No claim that every OSC lending program is closed.

Public-source check: 2026-10-04. This check does not refresh the entire legal record.

Requirements and limits

Eligibility & prerequisites

  • Eligible entity and covered dual-use technology, not solely defense application
  • At least 80% nonfederal capital for the specific technology at investment time
  • Creditworthiness, reasonable repayment assurance and selection criteria

Limits & exclusions

  • New loans and technical-assistance authority expire Oct. 1, 2028
  • Direct-loan term up to 50 years
  • Treasury benchmark interest and nonsubordination rules have specific waivers

Funding conditions

  • Advance appropriations specifically providing credit assistance; Federal Credit Reform cost and DoD Credit Program Account. A headline lending ceiling is not cash available.
  • Enacted FY26 credit appropriation $97.770M no-year with $4.390B principal ceiling. FY25 reconciliation separately supplied $500M minerals-focused and $1B general capital-assistance funding through Sep.30,2029, each with $100B principal ceiling. These are statutory amounts, not remaining balances; do not simply add ceilings into deployable cash.

Read the funding and execution guide

Who contributes what

Need & planning

  • OSC investment and credit teams
    Office profile
  • Technology and acquisition requirement sponsors

Resources

Approval

Execution

Partners & review

  • Private lenders and eligible entities
  • Treasury / OMB credit-scoring officials
  • DoD legal counsel

Office links are editorial matches to the original role text, not verified delegations. Composite labels and unmatched actors are preserved.

Coordination pathway

Requirement sponsor → named planning office → resource owner and counsel → statutory approving official → authorized executing/contracting office.

Actor and execution-role sources

Legal basis

What this research establishes

Legal basisSources linkedLegal sources and instrument limits are recorded.
RequirementsGates recordedRead the requirements for this instrument; applicability depends on the proposed action.
Public fundingScale documentedAdvance appropriations specifically providing credit assistance; Federal Credit Reform cost and DoD Credit Program Account. A headline lending ceiling is not cash available. Office budget figures are separate institutional context, not an allocation to this instrument.
Assigned rolesRemit sourcedPublic sources describe institutional authority. The instrument identifies approval and execution roles; a specific signature remains transaction-dependent.
EngagementMixed program statusTwo distinct OSC direct-loan routes are documented: closed initial equipment intake and published NSFF fund-manager intake. SBICCT is a separate SBA-supported private-fund route. Program check: 2026-10-04; see each route for intake status.

Confidence: High on statutory permission; execution roles are organizational routing, not verified individual delegations.

Currentness: 10 USC149 2024 text read; FY26 §§905–906 amendments read in full; OLRC current entry shows laws effective Sept.28,2026.

Review scope: Original research target October 2, 2026; no record-specific last-review date supplied. Publication is not legal-currentness certification.

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