Gov. Janet Mills (D) announced Wednesday that Maine technology companies may now apply for $7 million worth of federal taxpayers’ dollars to help them “address lingering economic challenges created by the pandemic.”
The Pandemic Recovery for an Innovative Maine Economy (PRIME) Fund is a $39.6 million initiative funded through the Maine Jobs & Recovery Plan — Gov. Mills’ plan to invest nearly $1 billion in federal funds to help Maine recover from the effects of the COVID-19 pandemic.
Administered by the Maine Technology Institute (MTI), the PRIME Fund was first launched in April of 2022 to “assist businesses that did not, or were unable to, access federal pandemic-response economic support programs.”
To date, $28.9 million has been distributed from the fund through two rounds of grants. In July of 2022, 174 companies were awarded a combined total of $23.3 million, and in January of 2023, 16 organizations were awarded an aggregate of $5.6 million.
The programs remaining funds will be dispersed in this third and final round of funding.
To be eligible for a grant through this program, businesses must either be headquartered in Maine or have 50 percent of their employees in the state. They must also show that they were “adversely impacted by the pandemic or incurred significant delays in expansions or growth programs due to the pandemic.”
Acceptable uses of PRIME funds include “processes or programs that will improve sustainability and growth,” such as payroll, rent, mortgage, equipment purchases, and “start-up costs for new programs and/or new markets which may require capital investment.”
“Through the PRIME Fund and initiatives from my Maine Jobs & Recovery Plan, my Administration has made historic investments to grow Maine’s innovation economy, directly supporting businesses and entrepreneurs on the cutting edge,” Mills said in a press release Wednesday.
“I encourage eligible Maine technology companies to apply for the final round of grants available from the PRIME Fund,” she wrote.
“The PRIME Fund has helped to catalyze innovation in Maine businesses and ensure entrepreneurs have the tools they need to be successful,” said Heather Johnson, Commissioner of the Department of Economic and Community Development.
“Continuing to grow our innovation economy will create jobs and attract new workers to our state, both of which are central to Maine’s 10-Year Economic Development Strategy,” Johnson said.
“MTI is honored to administer this vital funding to support Maine’s tech-enabled businesses,” said Brian Whitney, President of MTI. “We plan to aggressively market the program statewide in an effort to generate proposals from eligible applicants throughout Maine.”
Click Here to Read Gov. Mills’ Full Press Release
Applications for PRIME funding will be accepted through August 30, and awards will be determined through a competitive bid process.
<span class="dsq-postid" data-dsqidentifier="29415 https://www.themainewire.com/?p=29415">3 Comments
I am retired. 83. still paying taxes. When do I get my grant?
As suggested by my GOVERNOMENT I saved so I would not be a burden, But now my saved money goes to Joe Biden’s inflation. His illegals. His failing SSI. To his woak armed forces. And all this has been supported by Maines BRIGHT BULBS, King Pingree, Jarid, and The Governor. Not think about about this old fart, taking my savings to redistrubit
just like any good commie.
Are all the weed growing operations considered high tech? They should apply. More printed money pissed away by an over bloated gov’t.
Are there any High Tech businesses left in Maine?