BETHESDA, MD / ACCESSWIRE / October 23, 2024 / Leaders from the Applied Science and Technology Research Organization (ASTRO) gathered today at the Pentagon, along with senior officials from the Department of Defense (DOD) and the Small Business Administration (SBA). A major milestone in the AM Forward initiative. Launched in May 2022 by ASTRO Chairman Neil Olinger and U.S. President Joseph R. It advances key aerospace and defense supply chains.
Today’s announcement of the federal government’s final approval for the fund, formally known as the Stifel North Atlantic AM Forward Fund, aims to build, scale and accelerate public and private investment in critical technologies. It is a historic moment and an important element in the country’s efforts. AM forward. The fund has a Small Business Investment Company (SBIC) license in partnership with the Department of Defense under the SBIC Critical Technology (SBICCT) initiative, which provides a wide range of financing structures targeted to the specific needs of small businesses. It is intended for use. Additional and advanced manufacturing capabilities in the domestic supply chain. The fund’s initial investors include significant investments from industry-leading companies such as Lockheed Martin, GE Aerospace, and ASTM International.
“Two years ago, we launched AM Forward to strengthen the resiliency of America’s major supply chains,” said Neil Olinger, president of ASTRO America. “Our partners, especially Lockheed Martin and GE Aerospace, have demonstrated what it means to be strong stewards of America’s defense industrial base. Today, we are proud to support them and others. We are grateful that two important organizations, Stifel North Atlantic and ASTM International, are contributing significant resources, expertise, and resources to support small and medium-sized manufacturing, the backbone of the American economy. This is a guidance system. ”
ASTRO partners with seven leading companies focused on helping small and medium-sized businesses expand the adoption of metal 3D printing technology through access to capital, a machine validation process called “qualification,” and workforce development. He is leading the implementation of AM Forward, a federal agency compact. ASTRO selected Stifel North Atlantic (NYSE: SF) as its financial partner to support AM Forward’s capital access efforts based on its rich history of supporting small and medium-sized businesses and extensive experience managing SBIC funds. ASTRO leadership will continue to be involved with the Fund as an advisor to the Fund’s Technical Advisory Board.
“We are pleased to receive this license from the SBA,” said Stifel Co-President Victor Nesi. “To work with strategic partners to empower America’s emerging small and medium-sized businesses to drive innovation that supports supply chains, creates domestic jobs, expands manufacturing capacity, and, importantly, enhances national security.” We are proud to provide the necessary funding and strategic support.”
Earlier this year, ASTRO America and Stifel North America announced that the Fund became the first recipient to receive the initial “green light” to raise private capital under the SBIC Critical Technologies (“SBICCT”) program. Announced.
The Applied Science and Technology Research Organization (ASTRO America) is a 501(c)(3) nonprofit, nonpartisan research organization and think tank. It was founded in 2018 with the purpose of advancing the public interest through manufacturing technology and policy. Led by manufacturing experts with extensive experience in the public and private sectors, ASTRO America helps government agencies and businesses collaborate to address supply chain challenges in highly regulated industries such as aerospace and defense. I am.
Founded in 1890 and headquartered in St. Louis, Missouri, Stifel is a fully fledged company with a proud history of providing securities brokerage, investment banking, trading, investment advisory, and related financial services to individual investors, institutions, and corporations. A financial services company. , and municipalities.
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Source: Astroamerica
