Kirsten Baesler, Superintendent | North Dakota State Board of Education
Kirsten Baesler, Superintendent | North Dakota State Board of Education
The North Dakota Department of Commerce has announced the commencement of the Legacy Investment for Technology (LIFT) application process. The initiative, which opens today, June 16, is designed to support innovative businesses within the state.
The LIFT fund has been allocated $10 million for the 2025-27 biennium. "We are grateful for the support from the North Dakota 69th Legislative Assembly," stated Shayden Akason, Commerce Economic Development Deputy Director/Head of Investments and Innovation. Akason emphasized that supporting companies commercializing intellectual property remains a crucial part of North Dakota's economic development strategy.
The LIFT program is an innovation loan fund aimed at advancing technology by financing the commercialization of intellectual property in North Dakota. The loans are intended to enhance business capacity and leverage additional funding from state, federal, and private sources.
Administered in collaboration with the Bank of North Dakota, LIFT offers loans with favorable terms: 0% interest for the first three years, 2% interest for the next two years, followed by a standard rate akin to other Bank of North Dakota loans in subsequent years. Eligible applicants include companies involved in advanced computing and data management, agriculture technology, autonomous vehicles and technologies, energy sectors, healthcare, value-added agriculture and energy, or any sector identified by the LIFT committee as vital to diversifying the state's economy.
Since its inception in 2019, LIFT has distributed $44 million to 71 companies across North Dakota.
Applications will be accepted until July 25, 2025. More details can be found at https://belegendary.link/LIFT.
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