In its dedication to promote innovation and economic prosperity, the North Dakota Department of Commerce's LIFT Committee has distributed a total of $1. 75 million to three companies in July. These grants are part of the Legacy Investment for Technology Loan Fund (LIFT) aimed at supporting technology advancement and commercialization of intellectual property within the state.
Shayden Akason, Head of Investments and Innovation at Commerce, expressed gratitude to the North Dakota Legislative Assembly for allocating $10 million to the LIFT fund balance for the 2023-25 biennium.
The July LIFT recipients and their awarded funding are as follows:
- Bushel - This Fargo-based provider of agricultural technology received a grant of $1,000,000 in total.
- Three Farm Daughters - This Grand Forks-based food business won $50000 to help it with its efforts to produce high-fiber pasta.
- PaveWise - A grant of $250,000 was given to a Bismarck-based business that specialises in software solutions for asphalt paving contractors.
The Bank of North Dakota collaborates with Commerce to administer and manage the LIFT loan fund. The loan terms include a 0% interest rate for the initial three years, followed by a 2% interest rate for the subsequent two years. After that, the interest rate becomes equal to a standard Bank of North Dakota loan rate.
The program is open to North Dakota companies operating in various sectors, including advanced computing and data management, agriculture technology, autonomous and unmanned vehicles and technologies, energy, health care, value-added agriculture, value-added energy, and other areas contributing to the state's economic diversification.
This initiative empowers North Dakota companies to invest in technology and drive innovation while promoting economic growth in the region.
For more information and grant program details, visit the official website at https://belegendary.link/LIFT.
Photo Credit: istock-urpspoteko
Categories: North Dakota, Business