The North Dakota Department of Commerce announced today that the Innovation Technology Loan Fund (LIFT) Committee will begin accepting applications on June 11, 2021.
“We are excited to build on the success of this program from last biennium,” Commerce Director of Economic Development and Finance Josh Teigen said. “The LIFT program is one of our best tools for bringing economic resiliency and diversification to North Dakota’s economy and we look forward to the opportunity to further invest in great companies and entrepreneurs.”
LIFT is an innovation loan fund supporting technology advancement by providing financing for commercialization of intellectual property within the state of North Dakota. The following industries qualify for these funds:
- Advanced computing and data management
- Agriculture technology
- Autonomous and unmanned vehicles and related technologies
- Energy
- Health care
- Value-added agriculture
- Value-added energy
- Any industry or area specifically identified by the committee as an industry that will contribute to the diversification of the state’s economy
The application is available electronically on the LIFT page at business.nd.gov/lift. All applicants must submit an application with a supporting business plan, financial data and a pitch deck. Applications will be reviewed on a first-come, first-served basis.
The use of the loan funds are available to enhance capacity and to the extent possible, leverage state, federal and private sources of funding. Loan funds may be used to conduct applied research, experimentation or operational testing within the state. Loan funds may not be used for capital or building investments or for research, academic or instructive programming, workforce training, administrative costs or to supplant funding for regular operations of institutions of higher education.
For more information please visit business.nd.gov/lift/