Maine Technology Asset Fund (MTAF) 3.0

Fueling Innovation in Maine’s Key Sectors

Maine is taking bold steps to strengthen its innovation economy. In November 2024, Mainers voted in favor of the General Fund Bond Issue for Research and Development and Commercialization, now known as the Maine Technology Asset Fund 3.0 (MTAF 3.0) program. The MTAF bond provides $25 million to invest in research, development, and commercialization of groundbreaking ideas to drive Maine’s innovation economy. 

This initiative is designed to spark private investment and fuel growth across Maine’s technology sectors. MTAF 3.0 will establish a revolving loan fund to spur innovation for future generations of Maine companies in subsequent application cycles.

MTAF funds will be deployed to for-profit companies as interest-free loans with the potential for partial loan forgiveness: over the course of the loan repayment period, borrowers can potentially qualify for partial loan forgiveness, up to 50% of the original amount borrowed, based upon the company’s performance against their economic impact projections, most specifically quality jobs created and retained here in Maine.

Eligibility for MTAF 3.0

Any entity with specific project plans to establish or expand their Maine-based operations can apply for up to $2.5 Million in MTAF funding to support project efforts.

Eligibility Requirements

• Corporate entity must be current with Maine Secretary of State Corporate Registry
• Maine-based location must be established before any MTAF funds can be deployed
• MTAF Application project must demonstrate matching investments equal to (or greater than) the amount of MTAF funding requested
• MTAF funds must be used for eligible capital expenditures (see more info below)
• Proposed projects must support innovation in eligible industry sectors

Eligible Industry Tech Sectors – see more info on tech sectors đây

• Life sciences and biomedical technologies
• Environmental and renewable energy technologies
• Information technologies
• Advanced technologies for forestry and agriculture
• Aquaculture and marine technologies
• Composites and advanced materials
• Precision manufacturing

What Can I Use MTAF Project Funds For?

MTAF funds must be used for infrastructure investments supporting the continuum of research, development, and commercialization for innovative products and services that can fuel quality job growth for Mainers. Eligible uses include:

• Capital construction and renovation of existing facilities
• Purchase of equipment and machinery
• Technology and system upgrades that are critical to research, development, or commercialization activities–and will be classified as capital expenses on the business tax filings–are eligible uses for MTAF funding

Required matching funds may be applied towards the above uses, as well as other expenditures related to the proposed project efforts, including:

• Labor costs for new hires and existing staff
• Contractors and consultants
• Other equipment and materials

How much MTAF funding can I apply for?

MTAF requests are capped at no more than $2.5 Million per entity.

MTAF funds will be deployed to for-profit companies as interest-free loans with the potential for partial loan forgiveness. 

Non-profit organizations are also eligible to apply for MTAF: any MTAF funding awarded to non-profit organizations can be deployed as a grant, without repayment expectation. 

We expect a volume of applications far in excess of the $25 Million available, so MTI’s competitive application review process will determine the projects selected for funding.

Tiêu chí đánh giá

MTI intends to fund a balanced portfolio of projects, to distribute funding throughout Maine’s geography with a mix of bold, high-risk projects and proven, scalable initiatives supporting early-stage startups as well as larger established businesses. Applications will be evaluated with specific emphasis on:

Economic Impact

• Creation, retention, and improvement of quality jobs for Mainers
• Increasing revenues and expanding market share for growing Maine companies
• Attracting investment capital to Maine
• Indirect benefits, including collaborations with other Maine-based vendors and purchasing equipment from Maine-based suppliers
• Achieving impact throughout Maine’s geography

Team Strength

• Strong leadership and governance
• Viable plans to attract and retain skilled talent

Innovation & Market Need

• Solutions to big problems with large market opportunities
• Understanding of competing alternatives and how your solutions differentiate
• Demonstrated demand from existing and prospective customers

Business Model, Financial Assumptions, and Capacity for Repayment

• Well-defined business model and calculated plans for growth
• Growth projections backed by rational assumptions and sound data
• Demonstrated capacity to repay requested MTAF loan funds over time

Project Plan

• Well-organized project plan with measurable outcomes and reasonable timelines
• Eligible uses of MTAF funds and at least 1:1 matching investments

How Do I Apply?

Step 1 – Download MTAF Application Document HERE and MTAF Applicant Acknowledgement Form HERE

Step 2 – Prepare Your Application Materials
Gather all required electronic documents before accessing the online application portal:

• Completed MTAF Application Document (link above)
• Signed Applicant Representations and Acknowledgement Form (link above)
• Signed and dated W-9 form (link to blank form đây)
• Current & Historical financials (income statement and balance sheet)
• Financial projections (income statements) through 2025, 2026, and 2027
• Current payroll register (to serve as baseline for job creation metrics)
• Supporting documents: (optional) pitch deck, business plan, market data, etc.

Step 3 – Submit Your Application
Upload your completed application and supporting documents through the MTAF 3.0 Online Application Portal (link on page 1 of MTAF Application Document).

Khi nào đến hạn nộp đơn?

5PM (EDT) on Thursday, November 13th

Need Help With Your Application?

MTI will provide support throughout the application period, including:

• For questions about MTAF 3.0, email your questions to [email protected]
• Weekly informational Zoom sessions to answer applicant questions:
  • Friday, October 10th at 11am Register HERE
  • Wednesday, October 15th at 11am Register HERE
  • Tuesday, October 21st at 1pm Register HERE
  • Monday, October 27th at Noon Register HERE
  • Thursday, November 6th at Noon Register HERE

Điều gì sẽ xảy ra sau khi tôi nộp đơn?

You will receive an auto-generated email confirming that your application has been submitted through MTI’s online portal. Applications will be reviewed in accordance with state guidelines and MTI’s competitive evaluation criteria. MTI intends to notify all applicants of funding decisions by January 31, 2026.

Applicants selected for MTAF funding will be required to demonstrate availability of matching funds and re-confirm eligibility before proceeding with the MTAF Loan Agreement. Once the MTAF Agreement is signed by both parties, MTI anticipates releasing initial loan funds in Q1- 2026.

What Are the MTAF Loan Repayment Terms?

MTAF loans to for-profit entities are interest-free and will be eligible for partial loan forgiveness, up to 50% of the original amount borrowed. Any partial loan-forgiveness will be awarded incrementally over the course of the repayment term. The MTAF loan repayment schedule will be set based upon the project timeline proposed in the MTAF application.  

The MTAF loan repayment term is 5 years, starting from the planned project completion date; MTI may consider additional flexibility, if dictated by financial circumstances. After loan recipients are announced, MTI staff will work with selected companies to finalize the loan agreement with schedules for repayment and formulas for partial loan forgiveness.

Non-profit organizations are eligible to apply for MTAF funding as grant awards, with no repayment required.

All MTAF award recipients will be required to submit quarterly financial updates to MTI over the course of the project, to include balance sheet, income statement, and payroll registers demonstrating wages and benefits paid out to Maine-based w-2 employees.

MTAF 3.0 is a unique opportunity to build Maine’s innovation economy. Apply today and help shape Maine’s future.