The Maine Technology Institute (MTI) has announced the applications for Pandemic Recovery for an Innovative Maine Economy (PRIME) Fund to help Maine businesses recover from the harm caused by the COVID-19 pandemic via business development and innovation in their state’s technology sectors.
Phase 1 is targeted to small businesses across Maine that work in, use, or leverage solutions connected to their state’s technology sectors. MTI’s PRIME Fund presents a unique opportunity to help businesses in Maine invest in new customers, new business lines, and other innovations that will strengthen their resilience and ability to thrive moving forward.
Funding Information
For this state fiscal year ending in June of 2022, $25M in funding has been allocated by the Maine State Legislature.
Eligibility Criteria
Your business may be considered eligible for a PRIME Fund grant award if:
- Your business has a significant presence in Maine (50% of employees in Maine).
- Your business can demonstrate it has been operational since October 1, 2021 prior to submitting its PRIME Fund application.
- Your business is registered with the Maine Secretary of State’s corporate registry. If you are a Sole Proprietor and not registered with the Secretary of State, you can use alternate methods:
- You can upload a copy of last year’s 1040 and Schedule C for your federal income tax.
- Self-certification that you are an engaged proprietor of this business
- Your business is in one of the seven technology sectors as outlined by the state legislative mandate.
- Your business was negatively impacted by the Covid-19 pandemic.
- You can demonstrate a clear plan to utilize PRIME Funds to directly address the negative economic impacts of the Covid-19 pandemic, suffered by your Maine business.
- Your company has fewer than 250 full time employees.
- Your business has cash or other resources available to match your requested PRIME Funds.
- You are able and willing to comply with annual reporting requirements.
- Your company has a Unique Entity Identification (UEI) number.
For more information click "LINK TO ORIGINAL" below.