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BISMARCK - The North Dakota Department of Commerce has announced it is accepting applications to Investment for Technology until Nov. 9.
LIFT is an innovation loan fund that supports technology advancement by providing financing for commercialization of intellectual property within the state of North Dakota. Loan funds are designed to enhance capacity and, to the extent possible, leverage state, federal and private sources of funding.
Commerce works with the Bank of North Dakota to manage and administer the loan fund. LIFT loan terms include no interest for the first three years of the loan, 2% interest for the next two years and an interest 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, healthcare, value-added agriculture, value-added energy and any area specifically identified by the LIFT committee as contributing to the diversification of the state's economy.
Since its inception, LIFT has recommended $47.5 million across 76 awards to North Dakota companies advancing technology commercialization and innovation.