North Dakota’s LIFT Fund opens for innovation-focused loan applications

The North Dakota Department of Commerce has opened applications for the Legacy Investment for Technology (LIFT) program.

"The LIFT fund supports North Dakota companies commercializing intellectual property in the state," said Shayden Akason, head of investments and innovation at Commerce. "LIFT continues to serve as a catalyst for both job creation and retention, driving innovation-led economic diversification and strengthening North Dakota's competitive position in emerging industries."

Since its inception, LIFT has recommended more than $45 million across 64 loans to North Dakota companies advancing technology commercialization and innovation.

LIFT is an innovation loan fund that supports technology advancement by financing the commercialization of intellectual property within North Dakota. Loan funds may be used to enhance capacity and, when possible, leverage state, federal and private sources of funding.

Commerce partners with the Bank of North Dakota to manage and administer the loan fund. LIFT loan terms include 0% interest for the first three years, 2% interest for the following two years and a rate equal to a standard Bank of North Dakota loan for all subsequent years. The program is open to North Dakota companies working in advanced computing and data management, agriculture technology, autonomous and unmanned vehicles and technologies, energy, health care, value-added agriculture, value-added energy and other sectors identified by the LIFT committee as contributing to the diversification of the state's economy. Applications are due by Dec. 18.

For more information, application guidelines and program details, visit https://belegendary.link/LIFT.