The North Dakota Department of Commerce Legacy Investment for Technology Loan Fund (LIFT) Committee announced today it awarded a total of $532,600 in funding in October.
“I encourage companies that are committed to developing and commercializing intellectual property within the state to apply to the LIFT Committee” said Shayden Akason, Head of Investments and Innovation at Commerce. “There remains approximately $6.5 million in the LIFT fund to be awarded this biennium.”
October LIFT recipients:
- Trimxys, LLC - $282,600 awarded to this company in Fargo for an attachment to a push lawn mower that allows consumers to trim and edge their lawn at the same time they mow.
- ThermaSolutions Sterilization, LLC - $250,000 to open an environmentally Ethylene Oxide sterilization plant for the medical device and pharmaceutical industry.
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.