The North Dakota Department of Commerce's Legacy Investment for Technology Loan Fund (LIFT) Committee proudly announces the allocation of a significant $1.25 million in funding to two companies this August.
“The LIFT loan fund is committed to enhance commercialization of intellectual property within the state by providing low-interest loan financing,” said Shayden Akason, Head of Investments and Innovation at Commerce. “I am pleased to announce the following North Dakota companies received funding and extend my gratitude to all LIFT Committee members for their dedication to serve on this board.”
The August LIFT grant beneficiaries are as follows:
- MAC Company - $1,000,000 awarded to this company in West Fargo to develop an innovative SwingSteer loader.
- Protosthetics - $250,000 awarded to this Fargo company offering hardware and software solutions for orthotic and prosthetic clinics.
Commerce works with the Bank of North Dakota to manage and administer the loan fund. LIFT loan terms include 0% interest for the first three years of the loan, and 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, health care, 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.
For grant program details, visit https://belegendary.link/LIFT.