It’s my honor to release the Maine Technology Institute’s fiscal year 2021 (FY21) annual report. MTI’s fiscal year began on July 1, 2020, and concluded on June 30, 2021. It was another strong year of catalytic investments by MTI into Maine organizations and entrepreneurs.
As a result of loan repayments and sound investment returns, MTI was able to invest significantly more than its annual appropriation for the third straight year. In FY21, we deployed $7.2 million in funding. If you add in the $2.2 million we awarded early in the fiscal year as part of the Maine Technology Asset Fund 2.5 (MTAF2.5) program, we deployed over $9.4 million in the aggregate in FY21. That is similar to the $9.6 million that MTI invested in FY20 and the $9.3 million that was invested in FY19.
Also, for the third straight year, MTI increased the amount of private sector matching funds that were invested alongside our awards. In FY21, our investments attracted nearly $8 in private investment for every $1 in public funding spent.
FY21 was, of course, another year that MTI worked fervently to stabilize and grow Maine’s high-growth, technology-based organizations in the face of a continuing global pandemic. Specifically, we assisted the state of Maine in administering the Maine Economic Recovery Grant Program to support Maine organizations that experienced business disruptions due to the pandemic. MTI’s E-Resident team worked with the Maine Department of Economic & Community Development (DECD) to determine the eligibility of new and early-stage businesses seeking funding relief. The evaluations included a one-on-one interview between MTI and the applicant to assess each company’s situation and to address any data input issues and deficiencies. In total, MTI efficiently evaluated the eligibility of 217 new businesses and spent over 430 hours working on the program mostly in October and November 2020. Overall, the accounts MTI approved received approximately $7.4 million. And, based on the interviews, we know firsthand that the money was critical to the survival of many of the companies.
So, it was another busy fiscal year at MTI that builds upon a two-decade legacy of sound stewardship of the public funds entrusted to it. Created by the Legislature and Governor in 1999, MTI has now disbursed $290 million across more than 3,000 distinct projects across the state of Maine, and that funding has leveraged well over $1 billion in matching investments.
I want to commend MTI’s talented and hard-working staff, knowledgeable contractors, experienced subject matter experts, valued partners, and its exceptional Board of Directors for demonstrating unwavering commitment to MTI and its mission over the past year.
Please enjoy MTI’s FY21 annual report and thank you so much for all your support. My best wishes to you and yours for a happier and healthier New Year!