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Last week, the White House National Economic Council (NEC) and the Small Business Administration (SBA) led discussions centered on improving the small business investment environment. Notably, there was a clear focus on driving additive manufacturing technology to the forefront, particularly through the AM Forward Fund.
The conference will mark important milestones for the Small Business Investment Company (SBIC) program, reflecting the Biden-Harris administration’s focus on fostering innovation and empowering small businesses to strengthen the economy. Introduced. By bringing together the strengths of the public and private sectors, the program aims to direct critical investment to young small and medium-sized enterprises that are leading the way in cutting-edge technology and advanced manufacturing. Ultimately, we aim to increase both economic prosperity and national security.
President Biden will meet with senior leaders from Sintavia, Lockheed Martin, and Honeywell to discuss the AM Forward initiative. (Photo credit: AP – Andrew Harnik)
Central to these efforts is AM Forward, announced in 2022. At this meeting, Stifel North Atlantic received approval to raise private funding (through AM Forward) for additive manufacturing funds as part of the SBA-DOD SBIC Critical. Technology (SBICCT) Initiative. Born out of a strategic partnership between SBA and the Department of Defense (DOD), this initiative represents a major step forward in strengthening domestic supply chains in critical sectors such as defense, aerospace, and energy.
But the AM Forward fund does more than just inject capital. By proactively acquiring SBIC licenses, we aim to further evolve our various AM production functions. This includes developing key areas such as employee training, part design, processing and inspection, and part qualification. This is due to the fact that the Biden administration believes these are the building blocks of a self-sufficient domestic manufacturing ecosystem.
Additionally, while the AM Forward Fund will play an important economic role, it is only one component of a broader effort. With more than $42 billion in public and private funding, the reinvigorated SBIC program is sure to benefit all Americans. This comprehensive approach provides equity investment and long-term financing to a diverse range of small and medium-sized businesses across the country, many of which specialize in additive manufacturing. Bolstered by the AM Forward Fund, they could possibly become important players in improving the economy.
President Biden met with Chicago Precision CEO Joanna Zelaya during his visit to discuss AM Forward. (Photo credit: AP – Andrew Harnik)
The conference itself highlighted the great benefits of these initiatives in showcasing real-life success stories of small business owners. Small business leaders who attended the discussion explained the impact of SBIC, with one entrepreneur crediting the program with increasing his revenue tenfold, demonstrating its ability to foster rapid growth. . This work could pave the way to a future where 3D printing is more than just a technology, but an outlet for innovation, job creation, and economic security. More information can be found in the White House briefing.
What do you think about the latest updates on the AM Forward initiative from the White House? Let us know in the comments below or on our site linkedin, Facebookand twitter page!Don’t forget to subscribe to our free weekly news Click here for the newsletter, get the latest 3D printing news delivered straight to your inbox. All videos are YouTube channel.
*Cover photo credit: White House
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