Maine startups come out big with $1.3M in MTI funds
The Maine Technology Institute approved three loans and six grant applications for the month of July totaling $1,310,983 to Maine businesses specializing in advancements in the fields of composite materials, precision manufacturing, forestry, agriculture, environmental technologies and information technology.
The award recipients matched that amount with a total of $1,693,907.
Three companies were awarded Development Loans from MTI totaling $1,249,975: Scarborough-based Maine Shell Fish Technologies, awarded $250,000 from MTI with a $297,500 match; Mingle Analytics of South Paris, awarded $500,000 with a $547,853 match; and Brunswick-based MVP.Aero, awarded $499,975 with a $764,615 match.
Development Loans of up to $500,000 are offered three times a year to support the conversion of innovative research into new products, processes and companies.
Five companies were awarded Tech Start Grants from MTI totaling $23,825: Auburn-based Automation Integrators, awarded $5,000 from MTI with a $15,250 match; the Colby College Chemistry Department in Waterville, awarded $5,000 with a $13,081 match; Portland-based Parent Technology Group, awarded $3,825 with a $3,825 match; R M Beaumont Corp. in Topsham, awarded $5,000 with a $5,370 match; and Spring Point Solutions in Portland, awarded $5,000 with a $9,200 match.
Tech Start Grants are awarded monthly to entrepreneurs and companies across the state that are looking to develop innovative products and services. They can be used for specific developmental activities such as market analysis and intellectual property filings.
One company was awarded a Business Accelerator Grant from MTI totaling $37,183 in July. Portland-based Forager1 was awarded $37,183 from MTI with a $37,183 match.
Business Accelerator Grants are available to start-up companies that had previously been awarded Development Loans from MTI, in addition to companies that have been awarded federal Small Business Innovation Research grants, Small Business Technology Transfer grants, or any other similar federal research and developmental funding awards.
A Business Accelerator Grant is provided to increase the competitiveness of the grant recipients by providing funds directed at product and service commercialization.
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