HB 1454 Summary

• Amends North Dakota Century Code sections related to the innovation loan fund to support technology advancement, adding grant funding alongside existing loan programs.

• Committee membership expanded to include the commissioner or designee (nonvoting chair), three venture capital/angel fund representatives, one finance expert, and three private sector experts in diversification sectors, with four-year staggered terms and up to $135 per day compensation.

• Department of Commerce administers innovation technology loan and grant program in consultation with Bank of North Dakota, with committee establishing eligibility guidelines for entities conducting applied research in diversification sectors.

• Loan terms standardized at zero percent interest for first three years, two percent for next two years, and standard Bank of North Dakota rates thereafter; entities must provide requested financial information and keep operations within the state.

• Funds cannot be used for capital investments, workforce training, academic programming, or to replace institutional funding; Department of Commerce must conduct post-award independent reviews evaluating company development, economic investment attracted, and commercialization potential.