BISMARCK, North Dakota – July 16th, 2020 – The Innovation Technology Loan Fund (LIFT) Committee awarded $1.5 million to two North Dakota businesses for the month of July.
“Innovation and ambition are abundant across North Dakota,” said Josh Teigen, head of investments and innovation at the North Dakota Department of Commerce. “The LIFT Committee is presented with great concepts every month, and we are excited to see future expansions of innovative technology.”
LIFT recipients include:
Fargo-based ag tech company FarmQA was awarded $1 million to develop a digital solution for agronomists and the growers they support. Funds are contingent on meeting a 2:1 match requirement totaling $2 million within one year.
Grand Forks-based Krampade was awarded $500,000 for market expansion of its sports drink to stop and prevent cramping and enhance muscle performance, speed recovery and reduce fatigue. Funds are contingent on meeting a 1:1 match requirement totaling $500,000 within one year.
The North Dakota Department of Commerce works with the Bank of North Dakota to manage and administer the loan fund.