Legacy Investment for Technology Loan Fund (LIFT)
The Legacy Investment for Technology Loan Fund supports 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
- 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 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 academic research, academic or instructive programming, workforce training, administrative costs, or to supplant funding for regular operations of institutions of higher education.
Approval for the LIFT fund applications shall be made by the LIFT Fund Committee with consideration given to the following:
- Deliver applied research, experimentation or operational testing in one or more of the diversification sectors to create information or data to enhance North Dakota companies or industries or companies making investments in North Dakota.
- Lead to the commercialization or patent of an innovation technology solution, or
- Result in the development of a new company or expansion of an existing company that will diversify the state’s economy through new products, investment, or skilled jobs.
- Zero percent interest and no required payments for the first three years of the loan
- Two percent interest, with monthly interest payments, for the next two years of the loan; and
- All principal due at maturity, at the end of five years. Upon approval by the Bank of North Dakota, the loan may be refinanced at the beginning of year six, at an interest rate equal to a standard Bank of North Dakota loan for all subsequent years.