Stifel Financial received final federal approval for its Stifel North Atlantic AM-Forward Fund, which is designed to provide capital to small and mid-sized American manufacturers in the aerospace and defense industries, with a specific focus on increasing additive and advanced manufacturing capabilities in the domestic supply chain.
As part of the final approval process, the fund has earned a Small Business Investment Company (SBIC) license from the Small Business Administration (SBA), in partnership with the Department of Defense under the SBIC Critical Technology (SBICCT) initiative. With this structure, the fund is eligible for SBA leverage, which can supplement the amount of private capital raised and expand investment reach.
“We are pleased to receive this license from the SBA,” Victor Nesi, co-president of Stifel, said. “In collaboration with our strategic partners, we are proud to give America’s emerging small businesses the capital and strategic support they need to advance innovation that supports our supply chain, creates domestic jobs, amplifies manufacturing capacity and, importantly, increases national security.”
The fund aims to use a range of financing structures targeted to the specific needs of small businesses. The initial funding for the fund includes capital commitments from industry contractors including Lockheed Martin, GE Aerospace and ASTM International, among others.
“Small and medium sized manufacturers are at the core of ASTM International, and we are excited that our global standards and solutions will serve as an innovative tool in connecting the diverse supply chains of our aerospace and defense industries,” Andy Kireta, president of ASTM International, said.
The fund was originated to support the White House’s AM Forward initiative, which was created in 2022 with the goal of improving the competitiveness of America’s small and medium-sized manufacturers and enhance domestic supply chain activity.
The fund’s technical advisory board, a partnership between the fund and its strategic investors, will be led by Neal Orringer, president of ASTRO America and former director of manufacturing at the Department of Defense.
