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LIFT program reports modest repayment flows; committee hears proposals to sustain pipeline funding
Summary
Bank of North Dakota officials told appropriators that the state’s LIFT commercialization fund has made dozens of awards to early-stage companies, has modest cash on hand and is beginning to see loan repayments return to the fund.
Bank of North Dakota officials briefed the Appropriations Education & Environment Division on the status of the LIFT commercialization loan program and on funding options to sustain the program.
Kelvin Hullett said the LIFT program was created in 2019 to help companies move from research into commercialization; the program offers five‑year loans with three years of no payment/no interest followed by two years at 2% interest and options at maturity to refinance into conventional financing. Hullett told the committee LIFT has received roughly 170…
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