Business Innovation Funding (BIF)

Business Innovation Funding

Funds Maine technology businesses with grants, loans, or equity ranging from ten to two hundred fifty thousand dollars.

Business Innovation Funding (BIF) is the Maine Technology Institute's (MTI) primary rolling grant program for Maine-based technology businesses engaged in research, development, and commercialization. MTI is a publicly funded nonprofit created by the Maine Legislature to accelerate innovation and technology-based economic development across the state. BIF consolidates MTI's earlier tiered programs — including TechStart, Seed, Development Award, and MTAF — into a single unified application track. Funding ranges from $10,000 to $250,000 and may be structured as a grant, loan, or equity investment depending on the applicant's stage and eligibility, with the instrument determined during the review process. A minimum 1:1 match is required, and matching funds must come from private investment or federal grants — other Maine state program funds do not qualify as match.

Eligible applicants are for-profit businesses registered with the Maine Bureau of Corporations in good standing and predominantly based in Maine. The innovation proposed must fall within one of MTI's seven target technology sectors: Aquaculture and Marine, Biotech and Life Sciences, Composites, Environmental, Forest Products and Agriculture, Information Technology, and Precision Manufacturing. The concept must be substantially differentiated with a clear competitive advantage and validated through market research. Pre-revenue companies must provide evidence of market demand. The application follows an eight-step process beginning with a Startup Questionnaire; MTI's office is located at 16 Middle St., Suite 201, Portland, ME 04101 and can be reached at (207) 582-4790.

Because awards accept rolling applications with no fixed deadlines, applicants can submit at any time and should do so with a well-documented market validation package and confirmed matching funds in place. Companies applying at an early stage should expect the award to be structured as a grant, while more mature businesses with revenue may see loan or equity instruments offered. The requirement that at least 50% of total project cost is covered by the applicant — and that no other Maine state funds count toward match — means applicants need verified private capital or federal award letters before submitting.