Second round of Pandemic Recovery for an Innovative Maine Economy (PRIME) Fund focused on supports that help startup companies scale and grow
Governor Janet Mills announced today that 16 Maine organizations have been awarded $5.6 million through a new round of grant funding (PDF) from the Pandemic Recovery for an Innovative Maine Economy (PRIME) Fund, an initiative of the Maine Jobs & Recovery Plan.
The $39 million PRIME Fund aims to help Maine technology companies recover from the pandemic and catalyze long-term economic growth. In July, Governor Mills announced the first round of awards from the PRIME Fund, providing nearly $23.3 million in direct financial assistance to 174 Maine businesses that were unable to access other Federal pandemic-response economic recovery programs.
The latest round of PRIME grants will help 16 Maine-based organizations develop programs to support Maine’s entrepreneurs and startup community with the goal of generating growth among companies engaged in Maine’s seven targeted technology sectors, which include Biotechnology, Composites & Advanced Materials, Forest Products & Agriculture, and more. These organizations will use funds for initiatives to grow local food economies and food processing; innovative “bluetech” marine industries; advancing innovation in agriculture; and expanding entrepreneurship opportunities to more Maine people. A full list of awardees is attached.
“These grants will stimulate entrepreneurship and innovation in our heritage industries, helping Maine build a stronger economy,” said Governor Janet Mills. “With the support provided by these programs, entrepreneurs and startups will be able to scale and grow, creating good-paying jobs right here in Maine.”
“Maine’s system of supports for small businesses is robust and will be further strengthened by these meaningful awards,” said Heather Johnson, Commissioner of the Maine Department of Economic & Community Development. “This PRIME funding will help leverage existing resources and address gaps to ensure that entrepreneurs have the tools they need to succeed.”
This round of PRIME grants was the result of a competitive application process that required matching investments by applicants.
“This funding solicitation was extremely competitive, and the projects all demonstrated a great degree of merit,” said Brian Whitney, President of the Maine Technology Institute. “I am pleased that these new programs will further support Maine’s amazing innovators as they endeavor to take their novel ideas from their notebooks, kitchen tables and garages to the global marketplace.”
The Maine Jobs & Recovery Plan is the Governor’s plan, approved by the Legislature, to invest nearly $1 billion in Federal American Rescue Plan funds to improve the lives of Maine people and families, help businesses, create good-paying jobs, and build an economy poised for future prosperity.
Since the Jobs Plan took effect, the Mills Administration has delivered direct economic relief to nearly 1,000 Maine small businesses, supported more than 100 infrastructure projects around the state to create jobs and revitalize communities, and invested in workforce programs estimated to offer apprenticeship, career and education advancement, and job training opportunities for 22,000 Maine people. For a summary of investments made since the Jobs Plan took effect, please click here.
For more about Maine Jobs & Recovery Plan, visit maine.gov/jobsplan.