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Development Loan

A Component of the Business Innovation Program

Development Loans of up to $500,000 per application are offered three times a year to support research and development of new and/or enhanced products, processes or services leading to commercialization. All projects require matching investments of 1:1 and must fall under one of Maine's seven targeted technology sectors.

MTI offers Development Loans as direct investments in companies that are pioneering Maine’s future through their technology innovations. Loan recipients are companies undertaking research and development that will enable them to grow and remain competitive in the global marketplace.

The next deadline for Development Loan application is March 1, 2012, by 5:00 p.m. Applications received after 5:00 p.m. will not be accepted.

Prior to Submission of a Development Loan Application MTI Requires a Concept Review Meeting with MTI Business Innovation Staff. To discuss your project or to schedule a meeting please contact Linda Adams, Program Assistant at 207-582.4790 or ladams@mainetechnology.org.

If you're a first time entrepreneur and new to business planning, we suggest that you consider drawing on outside assistance, whether paid or pro bono, and preferably with someone familiar with the MTI Development Loan application process.

Development Loan Application Process 

Step 1: Download a copy of the Application Instructions.
Step 2: Submit an executive or non-confidential summary to the Development Loan Specialist.
Step 3: Attend a workshop or webinar.
Step 4: Participate in a pre-concept meeting with MTI staff (required).
Step 5: Download the following application forms.
- Review Process Timeline for Round 30 (Word)
- Review Process Timeline for Round 31 (Word)  
- Checklist (PDF)
- Form A Create an account or login to register online (Form)
- Form B Total Project Budget and Budget by 6 Month Period (Excel)
- Form C Economic Impact (Excel)
- Form E Credit Authorization (Word)
- Form F Appendix C - Intellectual Property List (Excel)
- Form G Repayment Terms (Options by category below). 
  Technology Transfer Category -  In consideration of the institute technology transfer policy, applicants are required to suggest a repayment plan. Repayment provisions will be a part of the loan contract. If revenues and/or royalties result, a percentage will be applied to the Development Loan until it is repaid.                  
  Start-up or early stage company (Form G/Appendix E) (Word)
  Established private or publicly traded corporation (Word) 
- Cash Flow Worksheet (Excel)
Step 6: Prepare, proofread, and submit a application.

In order to access the online submission tool log into your account at: http://www.mainetechnology.org/account/login

On the right hand side, you will see "Submit Application Online" - once selected you will be redirected to a new page. Select "New Proposal", fill out the Proposal ID, Email, Name, Organization and select "Start Proposal". Add a single PDF document of the proposal and hit submit.

Step 7: Receive word of loan decision rendered by MTI committees.

Some documents are in Portable Document Format and require Adobe Reader for viewing. If you do not have this software, it can be downloaded free of charge at the Adobe web site. Email questions about the application to info@mainetechnology.org.

Additional Resources

Workshop PowerPoint
U.S. Department of Labor Employee and Wage Estimates

Reviewer Forms

Peer Review (PDF)
Technology Board Review Committee (TBRC) Score Sheet (Excel)
Guidance (TBRC) Score Sheet (PDF)

Award Recipient Forms

Development Loan Agreement (coming soon)
Development Loan Repayment Terms (coming soon)
Security Agreement (coming soon)
Form B/Appendix B: Total Project Budget and Budget by 6 Month Period (coming soon)
Appendix C: Intellectual Property (coming soon)
Appendix D: Reporting Requirements (coming soon)

Featured Success Story:

Portugal isn’t what you might think of when you think about small businesses in Maine. But that’s where Chris Houle and Peter Murray found their largest client in the early days of starting Quantrix, a small desktop software company based in Southern Maine.

It opened their eyes to the potential of their product in international markets; six years later and now half of their clients are overseas. “We would never think of ourselves as having just a local market,” states Chris Houle, CEO of Quantrix. ...