(The Heart Sq.) – Maine is diverting federal relief funds into a new point out grant software aimed at assisting the state’s large-technological innovation sector recuperate from the pandemic.
Beneath the new method, the state Department of Financial and Local community Growth will be furnishing practically $40 million in grants to Maine technological know-how firms to assistance them get better, spend in new solutions and small business traces, attract new customers, and generate extensive-expression financial advancement.
Gov. Janet Mills claimed the funding is aimed at boosting the state’s substantial tech sector by investing in corporations “that will build employment, retain and appeal to people today to Maine, and create a stronger, a lot more robust economic climate.”
“Innovation is a vital driver of financial advancement, but traditionally, Maine’s investment in investigate and advancement has lagged driving much of the country,” Mills explained in a assertion.
The new Pandemic Recovery for an Innovative Maine Overall economy fund, which will be administered by the Maine Engineering Institute, will emphasis on creating investments in the state’s significant technologies sectors, together with biotech, composites and innovative products, forestry and agriculture, marine industries and precision manufacturing.
“These grants will perform a significant purpose in helping to reinforce our state’s tech-dependent organizations, make excellent work, and offer for a much more resilient and diversified Maine economic system,” mentioned Brian Whitney, president of the Maine Engineering Institute, which served acquire the application.
The initially round of grants will emphasis on giving direct help to businesses which endured unfavorable impacts from the pandemic, according to the institute. The awards will range from $49,000 to $400,000 for companies that meet up with the eligibility conditions. A 2nd stage, which is predicted to get underway this summer, will goal general public-private partnerships.
Dana Connors, president of the Maine State Chamber of Commerce, mentioned the method will give “crucial funding to aid our modest business enterprise group as it recovers from the pandemic and implements sound options to develop into more powerful and much more resilient enterprises and employers.”
The new grant plan is the most recent round of pandemic-connected disbursements from Mills’ $1 billion Maine Jobs & Restoration approach, which is funded with federal reduction funds.
The Mills administration has rolled out comparable aid packages targeting precise industries like overall health treatment, forestry products, seafood and the state’s agricultural sector.
President Joe Biden signed the $1.9 trillion American Rescue Plan Act in March, which presented immediate payments to people and billions of bucks for states and neighborhood governments.
Maine is finding extra than $4.5 billion from the ARPA legislation, such as money for corporations and immediate payments to residents and funding for area governments.