The North Dakota Department of Commerce Legacy Investment for Technology Loan Fund (LIFT) Committee announced today it awarded a total of $200,000 in funding in September.
“The LIFT loan fund offers low-interest loan financing for companies committed to develop and commercialize intellectual property within the state” said Shayden Akason, Head of Investments and Innovation at Commerce. “There remains approximately $7 million in the LIFT fund to be awarded this biennium.”
September LIFT recipient:
- Vetnexus, Inc. - $200,000 awarded to this company in Fargo to further develop and expand a pet nutritional database for veterinary 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 uncrewed 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.