ND HB1333

Creates an innovation loan fund administered by the Department of Commerce to provide loans for technology advancement in diversification sectors including advanced computing, agriculture technology, autonomous vehicles, energy, health care, and value-added agriculture and energy.

Establishes an 8-member committee chaired by the Commerce Commissioner consisting of three venture capital/angel fund representatives, one finance expert, and three private sector experts in diversification sectors; members serve 4-year staggered terms and can receive up to $135 per day compensation.

Loan terms include 0% interest for first 3 years, 2% interest for years 4-5, and standard Bank of North Dakota rates thereafter; loans must support applied research, experimentation, operational testing, commercialization, or new company development within the state.

Loan funds cannot be used for capital investments, building costs, academic programming, workforce training, administrative costs, or to replace existing institutional funding; if activities relocate outside the state, interest rate reverts to standard Bank rates.

Bank of North Dakota shall transfer $15,000,000 from current earnings to the innovation loan fund for the biennium beginning July 1, 2019, through June 30, 2021, with all principal and interest repayments returned to the special fund.