Tuesday, July 25, 2023 - 11:02 am

As part of its commitment to fuel innovation and economic growth in North Dakota, the North Dakota Department of Commerce Legacy Investment for Technology Loan Fund (LIFT) Committee awarded a total of $1,750,000 in funding to three companies in July.

“The LIFT loan fund supports technology advancement by providing financing for commercialization of intellectual property within the state,” said Shayden Akason, Head of Investments and Innovation at Commerce. “We thank the North Dakota Legislative Assembly for appropriating $10 million to the LIFT fund balance for the 2023-25 biennium.”

July LIFT recipients include:

  • Bushel - $1,000,000 awarded to this agricultural technology company in Fargo. 
  • Three Farm Daughters - $500,000 awarded to this Grand Forks food company making high fiber pasta.
  • PaveWise – $250,000 awarded to this Bismarck company offering a software solution for asphalt paving contractors.

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.