MTI revamps funding programs
Changes are coming for the Maine Technology Institute. The organization is overhauling its funding programs to boost capital access for young companies, and moving its headquarters from Augusta to Brunswick.
MTI yesterday announced a new structure for its business innovation program to address an increasing shortage of capital for companies looking to grow. The organization is offering a new TechStart grant of up to $5,000, awarded on a monthly basis, for concept planning and market research, as well as a new business acceleration grant aimed at helping tech companies strengthen their management and business planning, according to a press release. MTI is also revising its seed grant and development loan programs. Seed grants of up to $25,000 will be awarded every four months for early-stage R&D, and development loans of up to $500,000 will fund later stage R&D. It's also expanding its equity capital investments by offering up to $200,000 to select MTI companies.
Later this month, MTI will move its main office to Brunswick Landing, formerly the Brunswick Naval Air Station, a move the organization began pondering in May.
Look for the Sept. 5 issue of Mainebiz for more information MTI's new funding programs.
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