White House Convenes to Propel Additive Manufacturing Investments

Last week, the White House National Economic Council (NEC) and the Small Business Administration (SBA) spearheaded discussions centered on improving the landscape of small business investments. Notably, there was a distinct focus on propelling additive manufacturing technologies to the forefront, particularly through the AM Forward fund.

The meeting showcased significant milestones for the Small Business Investment Company (SBIC) program, reflecting the Biden-Harris Administration’s focus on fueling innovation and empowering small businesses to strengthen the economy. By uniting public and private forces, this program seeks to channel critical investment into young and small companies leading the charge in cutting-edge tech and advanced manufacturing. Ultimately, aiming to increase both economic prosperity and national security.

President Biden meets with senior leadership from Sintavia, Lockheed Martin, and Honeywell to discuss the AM Forward initiative. (Photo Credits: AP – Andrew Harnik)

At the heart of these efforts lays AM Forward, which was originally announced back in 2022. At this meeting, Stifel North Atlantic received approval to raise private capital for the additive manufacturing fund (through AM Forward) as part of the SBA-DOD SBIC Critical Technologies (SBICCT) initiative. This initiative, born from a strategic partnership between the SBA and the Department of Defense (DOD), represents a significant stride forward in strengthening domestic supply chains within critical sectors like defense, aerospace, and energy.

However, the AM Forward fund goes beyond simply injecting capital. By actively pursuing an SBIC license, it aims to unlock even greater advancements in various AM production capabilities. This includes fostering crucial areas like workforce training, part design, machining and inspection, and part qualification. This is due to the fact that the Biden administration believes these are the building blocks for a self-sufficient domestic manufacturing ecosystem.

Furthermore, while the AM Forward fund will play a significant economic role, it is just one component in a broader play. The revitalized SBIC program, boasting over $42 billion in combined public and private capital, ensures the benefits reach throughout the US. This comprehensive approach offers equity investments and long-term loans to a diverse range of small businesses, many of which specialize in additive manufacturing, across the nation. Strengthened by the AM Forward fund, they could likely become critical players in improving the economy.

President Biden speaks with Joanna Zelaya, CEO of Chicago Precision, while on tour to discuss AM Forward. (Photo Credits: AP – Andrew Harnik)

The convening itself highlighted the major advantages of these initiatives when showcasing the real-life success stories of small business owners. Small business leaders at the discussion painted a picture of SBIC’s impact, with one entrepreneur crediting the program with a tenfold increase in revenue, showcasing its ability to fuel rapid growth. This initiative may pave the way for a future where 3D printing is not just a technology, but an outlet for innovation, job creation, and economic security. You can find out more in the White House briefing HERE.

What do you think of the White House’s update of the AM Forward initiative? Let us know in a comment below or on our LinkedIn, Facebook, and Twitter pages! Don’t forget to sign up for our free weekly newsletter here, the latest 3D printing news straight to your inbox! You can also find all our videos on our YouTube channel.

*Cover Photo Credits: The White House