MTI COVID-19 Updates and Resources

Without question, the recent COVID-19 crisis has deeply affected us all.

In an effort to protect the health and well-being of our staff, colleagues and clients, our physical office is closed until further notice. However, the MTI staff is continuing to conduct its work remotely. For any clients needing guidance or assistance, please reach out to your individual Investment Officer, who will work with you to help address your needs. All general inquiries can be submitted through our online contact form, which will continue to be regularly monitored throughout our remote working process. We will respond to messages as quickly as possible.

Beyond the serious health impact of this emergency, there are economic and business implications as well. Please know that the state and federal government is working expeditiously to marshal resources to help. For more details, we encourage you to visit the Maine Department of Economic & Community Development’s homepage, where you can find additional helpful links such as the SBA’s economic injury disaster loan.

Additionally, just last evening, the Maine Legislature passed emergency legislation to address the crisis.  Part of that package includes the establishment of a consumer loan guarantee program through FAME, in partnership with financial institutions, to provide low- or no-interest loans for eligible people in Maine. You can learn more about this program by downloading a resource guide below or on FAME’s website.

As part of the budget passed last night, the Maine Legislature raised the annual cap for the Maine Seed Capital Tax Credit program from $5 million to $15 million. This means an additional $10 million in credits will be available for the balance of 2020. We’ll follow up with more details about that program as they become available.

Maine, its people and its businesses have always been resilient and unified in the face of adversity. We know we will continue to embody those characteristics as we face this challenge.

MTI will continue to work through this crisis to provide resources and advocate for the needs of Maine’s entrepreneurial community. On that note, we will be extending the deadline for MTAF 2.5 proposals. More details to follow.

Wishing all of you enduring health and safety.

Maine Department of Economic Development Resource Guides

Read more about programs and resources across agencies available in Maine for businesses and individuals affected by the crisis. Updated March 31, 2020

Download the Resource Guide for Businesses, updated March 31 2020

This resource guide provides an overview of federal and state programs designed to help businesses and other eligible organizations affected by the COVID-19 crisis.

Download the Paycheck Protection Program Overview

This guide provides information about a cash flow assistance program for employers and other eligible organizations affected.

Download the Resource Guide for Individuals

Information for individuals financially affected by the crisis.