Maine

Maine provides a variety of grants and tax credit programs to support small businesses, with a focus on workforce development, technology, and recovery from the impacts of COVID-19. Programs like the Maine Jobs and Recovery Small Business Grant and the Pine Tree Development Zones offer financial relief and tax incentives that help businesses thrive across the state.

Maine Jobs and Recovery Small Business Grant

• Purpose: Provides financial relief to businesses impacted by COVID-19.
• Eligibility: Businesses open before the pandemic or as of January 1, 2021, with at least a 20% revenue loss.
• Benefit: Grants up to $50,000 for eligible expenses.
• Application process: Apply through the Maine Department of Economic & Community Development.
• More info: Covers a range of expenses related to COVID-19 impacts.

Maine grants for small businesses

For Maine grants for small businesses, the Maine Jobs and Recovery Small Business Grant offers critical financial support to businesses impacted by COVID-19, helping them cover eligible expenses and recover from pandemic-related challenges.

Other relevant programs in Maine

• Maine Seed Capital Tax Credit Program: Encourages equity investments in Maine businesses by offering tax credits up to 40% of the investment for investors. Applications are managed by the Finance Authority of Maine (FAME).
• Maine New Markets Capital Investment Program: Provides state tax credits up to 39% for investments in low-income communities, aimed at fostering economic growth in underserved areas.
• Pine Tree Development Zones: Reduces or eliminates state taxes for eligible businesses in targeted sectors, offering various tax credits and exemptions for up to 10 years.
• Employment Tax Increment Financing (ETIF): Reimburses businesses for 30-80% of withholding taxes for up to 10 years, based on local unemployment rates. Eligible businesses must hire at least 5 net new employees.
• Maine Technology Institute (MTI) Grants: Supports technology-based businesses through various grant programs for different stages of development.
• Maine Small Business Development Center (SBDC) Services: Provides free consulting and training resources for small businesses, available through local SBDC offices across Maine.
• Opportunity Maine Tax Credit: Assists employers with student loan payments for eligible employees, providing tax credits to employers who support workforce retention.
• Maine Quality Centers Program: Offers free, customized workforce training for businesses creating new jobs, with tailored programs available through the Maine Community College System.
• Workforce Innovation and Opportunity Act (WIOA) Programs: Supports workforce development initiatives with funding for training and wage reimbursements, available through local workforce development boards.