Small Business Grants in Maine (ME)
Securing a small business grant in Maine involves identifying the right opportunities, understanding the eligibility criteria, and preparing a compelling application. Here are some of the most relevant grant opportunities for small businesses in Maine:
Maine Jobs & Recovery Small Business Grant Program
This program, run by the Department of Economic and Community Development, provides expense-based grant relief to businesses affected by COVID-19. The grants can cover costs such as interest on deferred loans, increased costs of reopening, and supply chain disruptions. To qualify, businesses must demonstrate a need for financial relief based on lost revenues of at least 20% between March 2020 and June 30, 2021 due to COVID-19.
Maine Technology Institute (MTI) Grants
MTI offers various grant programs to support the 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.
New Business Recovery Grants
These grants are awarded to Maine small employers, including for-profit businesses and nonprofit organizations. The grants are awarded in three segments
December 2023, March 2024, and June of 2024. Applicants who do not receive an award in the first or second round of funding remain eligible for subsequent rounds.
South Portland Conditional Economic Development Grant
This grant is for business owners and real estate investors who are investing in their properties, expanding existing employment levels, or establishing new business operations in the City of South Portland.
Grow Maine: State Small Business Credit Initiative
Administered by the Finance Authority of Maine (FAME) in conjunction with various statewide lending partners, this initiative provides up to $62 million of State Small Business Credit Initiative (SSBCI) funding to eligible businesses.
To apply for these grants, you’ll need to follow the specific application process for each program, which typically involves submitting an application form along with supporting documents that demonstrate your eligibility and need for the grant. It’s also important to note that each grant has its own deadlines and timelines, so you’ll need to plan your application accordingly.
In addition to these state-specific grants, there are also federal grants and private funding opportunities that Maine businesses may be eligible for. For example, the U.S. Small Business Administration (SBA) offers a variety of funding programs, including guaranteed loans. The Maine Community Foundation also offers competitive grant programs for nonprofit, charitable organizations, municipalities, public schools, and public agencies working for the State of Maine.
Not all businesses will be successful. Therefore, it’s important to also consider other forms of financing, such as loans, equity capital, and crowdfunding, as part of your overall funding strategy.