Three local businesses are receiving a financial boost from the state. The money is from the Innovation Technology Fund, also known as LIFT.
Created in 2019, the fund has awarded $18 million in loans to about a dozen businesses in the state.
“The fund was created to incentivize and accelerate commercialization of intellectual property and industries that will help diversify the state economy,” said Commissioner of LIFT James Leiman.
In the first three years after receiving the loan, these companies will grow their businesses without having to worry about interest rates.
“It’s zero percent money, years four and five the interest rate goes up to 2 percent, year five it is adjusted to market rate and I think it gets capped at 10 years just like a normal commercial loan,” Leiman said.
September awardees are getting a total of $2.3 million.
One of three companies that topped the list is Checkable Medical. Patty Post is CEO of the Fargo-based company.
“We are developing a platform that allows parents to diagnose sore throat sickness from the comfort of their homes,” Post said.
Post, who is receiving funding for the second time, tells KX News what the $500,000 check means to her business.
“When a state invests in a company it really validates you to other investors, it does help bring validation to the market and to other investors that we are a company worth investing in,” she said.
Elinor Coatings and Airtonomy were awarded $600,000 and $1 million respectively.
There’s still a $12 million line of credit for business owners who need funding.