About this programme
Business Innovation Funding is a grant program run by the Maine Technology Institute (MTI) for Maine companies working on innovation in one of MTI's seven target technology sectors: biotechnology, composites and advanced materials, environmental technologies, forest products and agriculture, information technology, marine technology and aquaculture, and precision manufacturing.
The program builds a company up through three funding tiers, with a company able to draw up to $100,000 cumulatively across Tier 1, Tier 2 and Tier 3. Most first-time grants start smaller, in the $10,000 to $30,000 range. Cumulative grant funding, not the size of an individual request, is what determines which tier a company sits in.
Beyond grants, MTI also offers loans and equity investments as part of the broader Business Innovation Funding structure, for companies further along in commercialization.
Who can apply
The company's leadership must be based in Maine.
The project must be a technical or scientific innovation substantially different from existing alternatives, within one of MTI's seven target technology sectors.
The company must show customer validation through market research and demonstrate clear economic impact potential for Maine.
A minimum 1:1 match of the grant amount is required, with cash required for the higher tiers; in-kind contributions may be accepted for part of the match at lower funding levels.
How to apply
- Complete MTI's self-assessment to gauge fit before applying.
- Fill out the online Interest Form through MTI's Blackbaud portal.
- Schedule an initial meeting with the MTI team to discuss your project and funding options.
- Submit your full application materials.
- MTI reviews the application, a process that takes about two months.
- Receive a funding decision, then move to contract review and signing if approved.
- Funded companies file quarterly progress reports for the life of the grant.
Frequently asked
How much funding can my company get?
Up to $100,000 cumulative across three tiers, though most first-time grants are smaller, typically $10,000 to $30,000.
Do I need matching funds?
Yes, a minimum 1:1 match is required. Cash is required for higher-tier funding, though in-kind contributions may count toward part of the match at lower funding levels.
How long does the review take?
About two months from application submission to a funding decision.
What does MTI evaluate my application on?
Six categories: innovation and value proposition, team and accountability, market and go-to-market plan, business model and financials, impact on MTI's mission, and project plan and match.
What happens after I'm funded?
You go through contract review and signing, then file quarterly progress reports for the duration of the grant.
Does MTI only give grants?
No. Beyond Business Innovation Funding grants, MTI also offers loans and equity investments to companies further along in commercialization.
More funding in Maine
CEI Business Loans
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A Maine CDFI lends up to $1 million to local businesses for start-up costs, equipment, working capital, or expansion at 6 to 10 percent interest.
Commercial Loan Insurance
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Maine lenders can get up to 90 percent of a business loan insured by the state, making banks more willing to say yes.
FAME Direct Loan
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Maine Seed Capital Tax Credit Program
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Investors in eligible small Maine businesses get a 40 percent state tax credit on their equity investment, up to $500,000 every three years.
Wicked Fast Microloans
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New Maine businesses can get a fast, low-paperwork microloan of up to $15,000 at a fixed 7.25 percent rate.
Maine Venture Fund Equity Investment
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A Maine-focused venture fund invests directly in high-growth local companies, often alongside other investors.
Reviewed 2026-09-25. Programmes change, so check eligibility, amounts and deadlines on the official page before you apply. CapEasy is a private firm and is not part of any government body.