Business Innovation Funding (BIF)
Business Innovation Funding (BIF) supports Maine businesses developing, commercializing, and scaling innovative products, services, and processes to create quality jobs and drive economic growth.
Funder: Maine Technology Institute
Due Dates: Rolling (no application deadlines)
Funding Amounts: First-time grants typically $10,000–$30,000; $100,000 cumulative grant limit per company; loans and equity available beyond $100,000
Summary: Supports Maine businesses developing, commercializing, and scaling innovative products, services, and processes that generate Maine jobs and economic growth.
Key Information: A minimum 1:1 match is required, with a cash component that increases with cumulative funding.
Description
Maine Technology Institute’s Business Innovation Funding supports companies from early-stage development through commercialization and the scaling of established operations. Most awards are grants, with loans and equity investments also available for later-stage companies. The program backs substantially differentiated innovations with market potential, defensible competitive advantages, and a credible path to quality job creation and revenue growth in Maine.
Supported work includes research and development, prototyping, product testing, manufacturing and process innovation, intellectual property protection, regulatory work and certifications, sales and marketing, and hiring key team members. Innovations may be customer-facing or internal, such as new manufacturing methods. Funding supports defined projects with measurable outcomes rather than general operations or routine business expenses. Projects can range from a few weeks to a year and a half.
