Economic Development and Finance: Innovation Technology Loan Fund


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Innovation Technology Loan Fund

The Innovation Technology Loan Fund (LIFT) is an innovation loan fund to support technology advancement put in place by the 2019 legislative session.

LIFT is a $15 million fund established for the purpose of providing financing for commercialization of intellectual property within the State of ND. The legislation outlines the following industries as appropriate uses 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.

Applicants that meet these criteria are encouraged to apply. Applications will be reviewed by the Department of Commerce to ensure they meet the criteria outlined in the legislation, and then turned over to the Committee for approval or rejection.

If approved, the applicant will work with the Bank of ND to structure and establish the loan and access the funds. More info can be found by visiting House Bill 1333.

Information/FAQ

LIFT Update
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