Maine Technology Institute awards $2,527,572 in 33 grants and loans in Q3 2014

Awards support innovative technology projects in 6 sectors and 9 counties

Brunswick, Maine – In the third quarter of 2014 (July through September) the Maine Technology Institute (MTI) made thirty-three (33) awards to entrepreneurs, companies and organizations in nine (9) counties in Maine totaling $2,527,572. These grants and loans covered six of seven technology sectors and were matched by a total of $3,187,413 in matching funds from the applicants. As a result the total dollar amount of investment in Maine through these MTI programs during Q3 2014 is $5,714,985.

The awards in Q3 2014 include the following:

• Six (6) TechStart grants totaling $24,929
• Seventeen (17) Seed Grants totaling $382,101
• Seven (7) Development Loans totaling $2,085,542
• Two (2) Phase 0 (for SBIR Phase 1 applications) awards for $10,000
• One (1) Cluster Initiative Program award totaling $25,000

The awards covered six of the seven technology sectors MTI is statutorily directed to invest in with the three largest amounts going to Information Technologies ($956,503), Environmental Technology ($582,450) and Advanced Composite Materials ($529,200). While the highest number of awards went to Cumberland County (19), Androscoggin County received the highest total investment ($2,358,530 with matching funds or 41.3% of the total for the period) indicating growing opportunity in the Lewiston-Auburn area.

According to Brian Whitney, Acting Director of MTI, “the investments made by MTI this past quarter reflect an emerging and robust innovation economy in our state.” “Spanning a majority of Maine’s counties, the ventures and technologies being supported this round will be able to leverage MTI’s funds to attract increased private investment and create quality new employment opportunities,” Whitney said.

In addition to the funds directly invested by MTI and the matching funds from applicants, MTI’s Technical Assistance Program (TAP) helped several Maine companies prepare applications for federal SBIR/STTR grants. These applications are currently pending. Over the years MTI has helped more than 100 companies win more than $43 million in federal SBIR/STTR and related grants. In July, Eldertide LLC from Dresden, Maine was selected for the prestigious Tibbett’s award from the U.S. Small Business Administration (SBA). Eldertide was the only company in New England to win the Tibbetts Award in 2014.

See the full press release aquí.