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Financing
From tax incentives to Research & Development grants, Maine offers an array of financial assistance programs for businesses, large and small. If you're thinking of starting, relocating, or expanding a business in Maine, be sure to make the most of the exceptional financing resources Maine provides:
Community Development Block Grant Program (CDBG)
Community Development Block Grants and loans provide funding and technical support for community projects that meet economic development objectives and lead to job creation or retention for Maine residents with low to moderate incomes. Learn more...
Employment Tax Increment Financing (ETIF)
Maine Technology Institute (MTI)
Technology-related businesses would be hard-pressed to find a state more supportive and encouraging than Maine, thanks in large part to the Maine Technology Institute. MTI is a non-profit organization established by the state Legislature in 1999. MTI provides funding for private companies and research laboratories to support and promote research and development, and assist innovative Maine companies and inventors in getting their products to market. Learn more...
Pine Tree Development Zones
Maine has a potent new development tool for new or expanding businesses: The Pine Tree Development Zone Program was created by Gov. John Baldacci and funded by the Maine Legislature for FY 2004. The Program offers a combination of powerful tax incentives to spur economic development in areas with high unemployment and/or low wages. Learn more...
Tax Increment Financing (TIF)
Tax increment financing provides municipalities with a local tool to finance the cost of private development. Maine municipalities may redirect some or all of the new property taxes from an investment project within a designated district to assist in that project's financing. Municipalities have three disbursement options for the tax increment:
- Give directly to the investing business to pay project costs.
- Use to retire bonds issued as part of the project.
- Retain for allowable economic development.
TIF districts may be designated for up to 30 years. Bonds may be issued for up to 20 years. Financing terms are determined by the municipality. Community designation of a TIF district requires proper public notice, a public hearing, and a majority vote of the municipal legislative body. Learn More
Finance Authority of Maine (FAME)
FAME is an independent state agency that offers more than 20 financing programs, including the Maine Seed Capital Tax Credit Program - providing income tax credits to qualified investors in Maine business. www.famemaine.com
Small Enterprise Growth Fund
Small Enterprise Growth Fund provides initial investments, typically between $150,000 and $350,000, in patient capital to small businesses that demonstrate a potential for high growth and public benefit. Funds must be matched in cash. Investments from the fund may be structured as convertible debentures or direct purchases of preferred stock. www.segfmaine.com
