“The process was extremely onerous,” says Erik Bethel, a general partner at Mare Liberum, who says the vetting process took about 10 months, and that Mare Liberum underwent reference checks, rigorous due diligence, and spent more than “six figures of legal” bills to become one of 23 firms to be selected by the Office of Strategic Capital. More than 386 firms have applied for the program since it launched, according to a memo the firm put together that was shared with Fortune. The Office of Strategic Capital did not respond to Fortune’s request for comment about the loan.
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