Eligible businesses may now apply for third and final round of grant funding available from the PRIME Fund
Governor Janet Mills announced today that Maine technology companies may now apply for $7 million in grant funding from her Maine Jobs & Recovery Plan to help them create jobs and drive sustainable growth across Maine’s innovation economy.
Applications are now open for the final round of the Pandemic Recovery for an Innovative Maine Economy (PRIME) Fund, a $39.6 million Jobs Plan initiative administered by the Maine Technology Institute (MTI). Governor Mills launched the PRIME Fund in April 2022 to assist businesses that did not, or were unable to, access federal pandemic-response economic support programs.
Maine businesses operating in the state’s targeted technology sectors – biotechnology, composites and advanced materials, environmental technologies, forestry and agriculture, marine industries, and precision manufacturing – may apply for funds to help them address lingering economic challenges created by the pandemic.
“Through the PRIME Fund and initiatives from my Maine Jobs & Recovery Plan, my Administration has made historic investments to grow Maine’s innovation economy, directly supporting businesses and entrepreneurs on the cutting edge,” said Governor Janet Mills. “I encourage eligible Maine technology companies to apply for the final round of grants available from the PRIME Fund.”
“The PRIME Fund has helped to catalyze innovation in Maine businesses and ensure entrepreneurs have the tools they need to be successful,” said Heather Johnson, Commissioner of the Department of Economic and Community Development. “Continuing to grow our innovation economy will create jobs and attract new workers to our state, both of which are central to Maine’s 10-Year Economic Development Strategy.”
“MTI is honored to administer this vital funding to support Maine’s tech-enabled businesses,” said Brian Whitney, President of the Maine Technology Institute. “We plan to aggressively market the program statewide in an effort to generate proposals from eligible applicants throughout Maine.”
Since its launch, the PRIME Fund has distributed $28.9 million to stimulate growth in Maine’s innovation economy. In July 2022, Governor Mills announced that 174 companies had been awarded $23.3 million in direct financial assistance to help them recover from the pandemic, invest in new products and business lines, attract new customers, and create long-term economic growth.
In January 2023, Governor Mills announced that 16 Maine organizations were awarded $5.6 million from the PRIME Fund to help startup companies start and grow.
MTI will disperse all remaining funds through the third and final round of the program. To receive a grant, businesses in one of Maine’s targeted technology sectors must be headquartered in Maine or have 50 percent of its employees in state. Businesses must demonstrate that they were adversely impacted by the pandemic or incurred significant delays in expansions or growth programs due to the pandemic. Grant funds can be used toward processes or programs that will improve sustainability and growth. Acceptable uses can include payroll, rent or mortgage payments for business facilities, business-related equipment purchases, start-up costs for new programs and/or new markets which may require capital investment, and more.
Awards will be determined through a competitive bid process. Companies may apply for PRIME funds beginning today, July 17, 2024. The application portal will remain open through August 30, 2024. For application materials and additional information on grants and eligibility, please visit the program website.
The Maine Jobs & Recovery Plan is Governor Mills' plan, approved by the Legislature, to invest nearly $1 billion in Federal American Rescue Plan funds to improve the lives of Maine people and families, help businesses, create good-paying jobs, and build an economy poised for future prosperity. Since Jobs Plan took effect in 2021, over $743 million in Jobs Plan funding has been spent or committed to deliver results on behalf of Mainers. For more about the Maine Jobs & Recovery Plan, please visit maine.gov/jobsplan.
Under Governor Mills' leadership, Maine’s gross domestic product has experienced the strongest GDP growth in New England and outperformed the economic growth of larger states like California, New York, and Virginia. Maine has experienced more economic growth over the last four years than it did in the preceding fifteen.