BISMARCK, N.D. – The North Dakota Department of Commerce today announced that the Innovation Technology Loan Fund (LIFT) program is on hold until further notice.
The announcement was made in response to the recent novel coronavirus (COVID-19) health crisis.
“Unfortunately, our circumstances have changed, and the Department of Commerce will focus the next several weeks on assisting businesses through continuity and finance measures,” said Josh Teigen, head of investments for the Commerce Department.
Commerce canceled its April LIFT Committee Board meeting and will continue to monitor and assess external events to determine when the next meeting will be scheduled.
LIFT is an innovation loan fund supporting technology advancement put in place during the 2019 legislative session.
The LIFT Committee is responsible for application evaluations of the loan program supporting technology advancement for North Dakota businesses through the commercialization of intellectual property.
The North Dakota Department of Commerce works to improve the quality of life for North Dakota citizens by leading efforts to attract, retain and expand wealth. Commerce serves businesses and communities statewide through committed people and partners who offer valuable programs and dynamic services.