MTI awards $1.66 million to 27 companies
The Maine Technology Institute has awarded grants and loans totaling more than $1.66 million to 27 Maine companies in its latest round of funding. These awards include $1.4 million in five development loans, $214,936 in 10 seed grants and $46,741 in 12 TechStart grants.
The quarterly awards total is one of the highest ever for MTI, a private, nonprofit corporation created by the Legislature in 1999 that offers early-stage capital and commercialization assistance for the research and development of technologies that create new products, processes and services, and generate high-quality jobs across Maine.
TechStart grants are awarded in amounts up to $5,000 to companies who are investigating new technologies. Seed grants of up to $25,000 are given to companies for advanced product design and development. Development loans of up to $500,000 are awarded to companies to help them commercialize their products and bring them to market.
All grants and loans are awarded on a competitive basis, require a 1:1 financial match and are subject to technical and financial review. MTI considers applications from seven technology sectors: biotechnology; advanced composites and materials; environmental technology; marine and aquaculture; forestry and agriculture; precision manufacturing and information technology.
The companies awarded these funds represent all seven of Maine’s target technology sectors, 10 counties and 20 towns.
Explore the most recent MTI grants in the interactive chart below:
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