National Security Fund Finance (“NSFF”) Program

The National Security Fund Finance (NSFF) Program, issued by the Office of Strategic Capital under the Department of War, is a fund-level financing initiative designed to attract and scale private capital for minerals and materials critical to United States national security. With an estimated value between 500 million and 1 billion dollars, the program provides loans to qualified, SEC-registered investment fund managers. These credit facilities are intended to act as a force multiplier, combining government loans with private capital to address gaps, shortages, and vulnerabilities in critical minerals and materials supply chains as defined by 10 U.S.C. section 149(h)(2)(HH). Applicants must submit a four-volume proposal by November 1, 2026, demonstrating a proven investment track record, a strategy aligned with national security objectives, and the ability to maintain a loan-to-value ratio of 91 percent or less. Evaluation factors include the firm's economic and national security alignment, the quality of its limited partner base, and its history of reliable credit repayment. Awardees are subject to strict compliance requirements, including active registration in the System for Award Management, adherence to industry cybersecurity standards, and comprehensive legal disclosures for senior management. Selected firms will be expected to support Department of War priorities, including restrictions on foreign ownership and the government's ability to direct production output during conflicts.