The Maine Technological innovation Institute’s “Prime” system manufactured 174 awards to firms to support recovery from the pandemic, devote in new products and solutions and organization strains, catch the attention of new shoppers, and maintain extended-time period expansion.
Governor Janet Mills today announced $23.3 million in grant awards from her Maine Jobs & Recovery Plan to support Maine technologies firms get better from the pandemic, make investments in new goods and company strains, catch the attention of new clients, and generate long-term financial progress.
The awards ended up manufactured by the Pandemic Restoration for an Revolutionary Maine Economic climate (Primary) Fund, which is administered by the Maine Engineering Institute. The new fund focuses its investments in businesses engaged in Maine’s targeted technological innovation sectors, which include things like biotechnology, composites and innovative elements, forestry and agriculture, marine industries, precision producing and more.
By focusing on these sectors, the Prime Fund aims to speed up occupation generation and attain organizations that did not, or were unable to, access other federal pandemic-response financial aid courses. Boosting expense in innovative businesses is also a foremost suggestion of the state’s 10-calendar year Financial Technique and the Governor’s Economic Restoration Committee to make Maine far more aggressive against other states.
Since the onset of the pandemic, the Mills Administration has allotted far more than $288 million in aid to guidance Maine small businesses throughout a assortment of financial sectors. Before this thirty day period, the governor announced two additional applications — “Grow Maine” and “Thrive Maine” — employing federal money to deliver an extra $120 million to aid small companies triumph in Maine.
“In Maine, innovation is a proud tradition – some folks even connect with it ‘Yankee ingenuity.’ The Key Fund will carry on that happy custom, investing straight in Maine corporations that are on the cutting edge of new products and expert services, which includes several that ended up not able to obtain Federal financial help for the duration of the worst of the pandemic,” said Governor Janet Mills. “Together, with other lately declared plans, my Administration is doing the job to be certain that impressive Maine enterprises are properly positioned to push beneficial transform in Maine’s financial system and the international market.”
“Catalyzing innovation is a central component of Maine’s 10-Yr Financial Growth Method,” explained Heather Johnson, Commissioner of the Division of Financial and Neighborhood Progress. “The Primary Fund is creating strategic investments in Maine enterprises that are revolutionary the form of new technologies and tips that will build positions, catch the attention of leading talent to our condition, and reinforce Maine’s economic potential.”
“MTI obtained very well around 300 purposes for the Prime Fund, which demonstrates the too much to handle want for the guidance,” said Brian Whitney, President of the Maine Technological know-how Institute. “While the funding decisions were being unbelievably difficult supplied the sheer volume of proposals and the higher quality of the apps, we are self-confident that these grants will assistance fortify our state’s tech-based mostly companies, make quality careers, and offer for a additional resilient Maine economic system.”
The awards declared currently represent the first phase of grants from the in general $39 million Primary fund and ranged from $10,000 to about $387,000. This round been given 321 whole purposes looking for more than $71 million. Two further more rounds of Key grants are envisioned later this yr.
To be qualified for a Primary grant, organizations have to be engaged in Maine’s selected technological innovation sectors through analysis, improvement, or innovation employ 250 whole-time workforce or much less, and reveal that their company has been adversely impacted by the pandemic.
Qualified uses of grant resources consist of payroll, lease or property finance loan payments for business services, company-related tools buys, get started-up expenses for new systems and/or new markets which may require funds investment, and extra.
The Maine Work & Restoration Prepare is the Governor’s strategy, accredited by the Legislature, to commit approximately $1 billion in Federal American Rescue Approach funds to increase the life of Maine individuals and people, assist firms, make excellent-paying out work opportunities, and make an financial state poised for long run prosperity.
It attracts intensely on recommendations from the Governor’s Economic Restoration Committee and the State’s 10-12 months Economic Advancement Approach, transforming them into serious motion to enhance the lives of Maine individuals and fortify the economic system.
For a lot more about Maine Work opportunities & Recovery Prepare, visit maine.gov/jobsplan.