Department of Economic and Community Development
Allocation: $39,646,609
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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.
News & Resources
- 11/13/2024: Governor Mills Announces $7 Million in Maine Jobs & Recovery Plan Grants for Maine Technology Companies
- 8/2/2023: Maine Center for Entrepreneurs, FocusMaine launch business accelerator for food tech
- 1/10/2023: Governor Mills Announces $5.6 Million in Maine Jobs & Recovery Plan Grants to Support Maine Entrepreneurs and Startups
- 10/19/2022: Governor Mills Announces $5 Million Maine Jobs & Recovery Plan Program to Strengthen Maine Startup Companies
- 8/16/2022: Governor Mills Visits Lewiston Businesses Benefitting from Maine Jobs & Recovery Plan PRIME Grants
- 7/28/2022: Governor Mills Announces $23 Million in Grants from Maine Jobs & Recovery Plan to Support Maine Technology Companies
- 4/21/2022: Governor Mills Announces $39.6 Million Maine Jobs & Recovery Plan Program to Invest in Maine Technology Companies