Legacy investment technology loans - Eligibility
N.D. Cent. Code § 6-09.18-04
in effect6-09.18-04. Legacy investment technology loans - Eligibility
1. The committee shall establish guidelines for entities to qualify for a legacy investment
technology loan under this section. The committee shall consider and process
applications in a timely manner that does not jeopardize an applicant's opportunity to
leverage other funds.
2. In determining whether to recommend approval of an application, the committee shall
consider the extent to which the proposal will:
a. Deliver applied research, experimentation, or operational testing in one or more
of the diversification sectors to create information or data to enhance North
Dakota companies or industries or companies making investments in North
Dakota;
b. Lead to the commercialization or patent of an innovation technology solution; or
c. Result in the development of a new company or expansion of an existing
company that will diversify the state's economy through new products,
investment, or skilled jobs.
3. The Bank of North Dakota shall review the business plan, financial statements, and
other information necessary for the Bank to determine which applications
recommended for approval by the committee will be approved by the Bank for final
loan approval. The terms of the loan must include:
a. Zero percent interest for the first three years of the loan;
b. Two percent interest for the next two years of the loan; and
c. An interest rate equal to a standard Bank of North Dakota loan for all subsequent
years.
4. To be eligible for a loan under this chapter, an entity shall agree to provide the Bank of
North Dakota with information as requested by the Bank.
Source: Open US Law by Vaquill AI (CC BY 4.0)URL: https://ndlegis.gov/cencode/t06c09-18.pdf#nameddest=6-09p18-04Fetched: 10/16/2026