Pandemic Recovery for an Innovative Maine Economy (PRIME) Fund

Department of Economic and Community Development

Allocation: $39,646,609

Status: Active

Maine's investment in research and development, a key driver of economic growth, has ranked among the lowest in the nation. To grow the economy, strategic investments in forward-looking industries and economic opportunities in emerging industries are critical.

The Pandemic Recovery for an Innovative Maine Economy Fund (PRIME) program will deploy $25M in the first year and $14M in the second year to support and leverage private investments in research, development, and innovation in Maine's seven targeted technology sectors: Biotechnology, Composites & Advanced Materials, Environmental Technologies, Forest Products & Agriculture, Information Technology, Marine Technology & Aquaculture, and Precision Manufacturing. These funds, which must be matched by the recipient, will be awarded to Maine small businesses through a competitive process administered by the Maine Technology Institute to increase revenues, create and preserve jobs, and grow market share. The program will also invest in sector-based partnerships and organizations to develop new solutions for industries and markets that have been damaged by the pandemic.