Applications are now open for the 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.
Donor Name: Maine Technology Institute
State: Maine
County: All Counties
Type of Grant: Grant
Deadline (mm/dd/yyyy): 05/19/2022
Grant Size: up to $400k
Details:
MTI has established the Pandemic Recovery for an Innovative Maine Economy (PRIME) Fund to distribute $39M in federal funding approved through the American Rescue Plan Act of 2021 (ARPA).
What Can I Use PRIME Funds For?
Funds must be used to implement your plan and directly address the negative impacts of the Covid-19 pandemic.
- Suggested expenses may include but are not limited to:
- Payroll costs and expenses for existing or new hires.
- Rent or mortgage payments for business facilities (unless otherwise waived by lessor/lender).
- Utilities payments.
- Purchase of personal protective equipment (PPE) required by the business.
- Business-related equipment purchases.
- Start-up costs for new programs and/or new markets which may require some initial investment.
- Replenishing inventory or other necessary re-opening and/or operating expenses.
Funding Information
Estimated Grant Award Ranges: up to $400k
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. For a list of these seven sectors, click here.
- 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.
For more information, visit Maine Technology Institute.
