July 24, 2013

Maine Technology Institute awards $1.66 million

By Jessica Hall jhall@pressherald.com
Staff Writer

BRUNSWICK – The Maine Technology Institute said Wednesday it awarded grants and loans totaling more than $1.66 million to 27 companies during the second quarter.

MTl said the awards include $1.4 million in development loans, $214,936 in seed grants and $46,741 in TechStart grants.

The companies receiving funds included Ecoshel Inc., a company relocating to Maine from Georgia that manufactures an innovative, patented cedar shingle panel; AboGen, a biotechnology company in Portland; Wentworth Technology in Saco, which provides innovative wireless communications solutions for the restaurant industry.

“We congratulate these entrepreneurs and businesses who are using innovative technologies to develop their products or services,” said MTI President Bob Martin. “We look forward to helping them along the path to success to grow profitable enterprises.”

TechStart grants are awarded in amounts up to $5,000 to companies that are investigating new technologies. Seed Grants of up to $25,000 are given to companies for advanced product design and development. Development Loans of up to $500,000 are awarded to companies to help them commercialize their products and bring them to market.

All grants and loans are awarded on a competitive basis and require a one-to-one financial match.

MTI invests funds and provides resources to companies in seven technology sectors: biotechnology, advanced composites and materials, environmental technology, marine and aquaculture, forestry and agriculture, precision manufacturing and information technology.

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