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MBSTL Business - Starting a Business - Financing & Funding: Home

Government-funded Loans and Grants

Loans

These loans are directly administered by Finance Authority of Maine, often in conjunction with partner agencies, such as the Maine Department of Agriculture, Conservation and Forestry; the Maine Rural Development Authority; and the Kim Wallace Adaptive Equipment Loan Program board. FAME can help navigate alternative financing options or supplement your existing financing.

Development Loans of up to $500,000 are offered three times per year for research and development purposes similar to MTI’s Seed Grant. Unlike Seed Grants, Development Loans allow the applicant to include some sales, marketing and indirect/overhead costs as part of the project funding request.

CDBG Program assists units of local government in various community projects in areas ranging from infrastructure, housing, downtown revitalization to public facilities and economic development. The Economic Development Program provides gap funding in the form of grants and loans for communities to assist businesses in the creation/retention of jobs. Apply through local economic development councils/commissions.

Small Business Loans up to $50,000, available for new business start-up or to expand an existing small business.

Provide loans to existing Maine businesses and Start-up ventures from $5,000 to $500,000. Qualified uses of funds include: inventory & equipment, working capital, real estate acquisition, leasehold improvements, lines of credit and business acquisitions.

Regional Economic Development Revolving Loan Programs

Eastern Maine (Hancock, Penobscot, Piscataquis Counties as well as portions of Waldo County)

Androscoggin, Franklin, Oxford Counties

Biddeford-Saco Area, York, Cumberland Counties

Kennebec, Somerset, Western Waldo County

Aroostook County

Washington County

Grants

  • Small Business Innovation Research (SBIR) and the Small Business Technology Transfer (STTR) programs coordinated by SBA.
    For small business applying SBIR or STTR program, more assistance and acceleration programs are available from Maine Technology Institute (MTI):

    • MTI Technical Assistance Program - Support from an experienced team of consultants providing start to finish guidance and advice to assist in the preparation of Federal R&D funding proposals including the SBIR/STTR Program.

    • MTI Phase 0 KickStarter - $5000 intended to be used to obtain additional external resources required to assist in the preparation of Federal R&D funding proposals including SBIR/STTR awards.

    • MTI Business Accelerator Program – Up to $50,000 intended for companies who have received Federal R&D funding, including SBIR/STTR awards, to support commercialization and business development capacity-building activities that are required to advance a new technology to market.

  • MTI TechStart Grant
    Up to $5,000 to support entrepreneurs/companies across Maine who are looking to develop their new ideas and new products.

  • MTI Seed Grant
    Up to $25,000 to support entrepreneurs/companies engaging in research and development activities leading to commercialization or follow-on funding.

  • Maine Accelerates Growth (MxG) Funding
    $500-50,000 awards for projects, events and programs that focus on the growth of entrepreneurial and innovative companies, communities and human talent.

  • Grant/Match Programs (Portland)

  • Libra Future Fund
    Youth grant program grants up to $5,000 to individuals, to promote economic development or create job opportunities in Maine.

  • Marketing Mini-Grants: Downtown Dollars (New Ventures Maine)
    Cash mini-grants (up to $400) to micro-enterprises for marketing projects via a competitive process.

  • Gorham Savings Bank – LaunchPad
    Award up to $50,000 to help fund the growth of a Maine business.
     
  • Greenlight Maine
    A television series that promotes entrepreneurs to win the top prize of $100,000 in cash.
     
  • Slow Money Maine - Business Assistance for Good Food Entrepreneurs
    Up to $10,000 toward the cost of business assistance and cover as much as 80 percent of total project cost, making needed services affordable for participating entrepreneurs.
     
  • State Trade and Export Promotion (STEP) Grant (SBA via Maine International Trade Center)
    The STEP Financial Assistance Award provides eligible Maine companies with reimbursements up to $8,500 per year toward specified costs associated with business matchmaking services, trade show participation, and export skills and compliance training.
     
  • Make it in America Grant (Department of Labor via Coastal Counties Workforce)
    Targeted industries include aerospace/aviation, composites/advanced materials, renewable energy and biotechnology manufacturing. Funding should be used to reduce H-1B dependency in the targeted sectors; Eligible businesses are those located in Cumberland, Sagadahoc, Androscoggin, Kennebec and Lincoln counties.
     
  • Innovate for Maine Fellows Program (intern subsidy) (University of Maine's Foster Center for Student Innovation)
    The program connects interns with Maine companies. Subsidies are awarded based on how well the goals of the company align with the goals of the program. The percentage of the intern fee that the company pays is based on its number of employees.
     
  • Rural Energy for America Program (REAP) Grant (USDA)
    Provides guaranteed loan financing and grant funding to agricultural producers and rural small businesses for renewable energy systems, or to make energy efficiency improvements.

  • Repowering Assistance Program (USDA)
    Provides funding for up to 50% of the total eligible project costs for biorefineries to install renewable biomass systems for heating and power at their facilities, or to produce new energy from renewable biomass.
     
  • Maine Farms for the Future Program
    Grants provide selected farms with business planning assistance and investment support.

  • Maine Quality Centers
    Provide grants to help cover costs of customized training.
     
  • Put ME to Work
    Program offers $500,000 in new grant funding to create & enhance training programs across Maine. It covers 50% of the costs to create new training programs or enhance existing ones at Maine’s community colleges.

Information Portals & Financing Agencies

Financial Institutions, Private Equity and Venture Capital

Financial Institutions

Contact Maine Financial Institutions to verify their business loan programs

Compare with institutions outside of Maine, search the National Financial Institution Directory.

Commercial Loan Insurance (FAME)

Angel Investors

Maine Angels

New England Angel Investors:

For more Angel investors, check out Angel Capital Association (ACA) Member Directory

Venture Capital

Find more venture capital firms from the Directory of Venture Capital Firms, Angel Investors.

Crowdfunding Platform

Contact Us

Raymond H. Fogler Library
University of Maine
Orono, ME 04469
fogler.mbstl@maine.edu
Reference Desk: 207-581-1673

5729 Fogler Library · University of Maine · Orono, ME 04469-5729 ; (207) 581-1673

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