With state pandemic relief funding, 48 Maine tech companies get a job-building boost
File PHOTO / LAURIE SCHREIBER
Lyman-Morse, a boat builder and fabrication shop in Thomaston, was a recent PRIME grant recipient, getting $150,000 from the state to create jobs and strengthen innovation.
From biofuel to genetic testing to boatbuilding, 48 technology-driven companies across Maine have received a total of $7 million in state grants to create jobs and strengthen the innovation economy.
The money comes through the final phase of the Pandemic Recovery for an Innovative Maine Economy Fund, a $39.6 million Maine Jobs & Recovery Plan initiative administered by the Maine Technology Institute.
The fund, called PRIME for short, was established in 2022 to help technology companies recover from the pandemic and catalyze long-term economic growth.
"These PRIME awards will help us continue to grow a stronger, more diverse economy, create jobs and attract new workers to our state, all of which are central to Maine's 10-Year Economic Development Strategy," said Heather Johnson, commissioner of the Department of Economic and Community Development, in a news release.
The final phase of the PRIME program received 134 applications seeking more than $20 million. The fund focused its investments on businesses in the state's targeted technology sectors, which include biotech, composites and advanced materials, forestry and agriculture, marine industries and precision manufacturing.
By targeting certain sectors, the fund was designed to accelerate job creation and reach businesses that were largely unable to access other federal pandemic-response economic support programs.
Of the 48 awards, nearly 60% went to firms that had not received previous MTI or pandemic relief funding. The awards ranged from $20,000 to $250,000.
In July 2022, 174 companies were awarded $23.3 million in grant awards from the fund to help them recover from the pandemic, invest in new products and business lines, attract new customers and create long-term economic growth.
The second round of $5.6 million was awarded in January 2023, to help 16 organizations develop programs to support entrepreneurs and startups.
In the news release, MTI President Brian Whitney noted that state voters recently approved a $25 million research and development bond that the institute will administer to further support innovation.
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