Coastal Enterprises Inc. and the Maine Technology Institute have created a collaborative loan program to provide lines of credit to Maine companies that win federal grant awards, the two organizations said Wednesday.
Called the Federal Grantee Loan Program, the initiative will provide bridge capital from CEI, a privately funded nonprofit business development organization, for businesses that receive grants to perform research and development work for federal agencies, according to a news release.
MTI, a nonprofit organization that promotes investment in technology development in Maine, works regularly with entrepreneurs and small businesses in the state to help them qualify and apply for grants.
The loan program is expected to address situations where companies that have received large grants and lack the operating cash to carry out the required research and development work then use financing from unconventional sources such as credit cards.
The new loan program will apply to recipients of Small Business Innovation Research, Small Business Technology Transfer and Broad Agency Announcement grants.
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