Business Resources & Incentives

Business Resources & Incentives

Regional Resources

MidCoast Economic Development District
Brunswick businesses are eligible to apply for Business Loans (up to $150,000) and Micro Loans (up to $25,000) from the MidCoast Economic Development District (MCEDD), a municipally led regional development and planning organization. MCEDD funds may be subordinated to financing from other lenders. Borrowers must create or retain quality jobs, in order to be eligible for MCEDD loans.

  • Eligible Uses of Funds: Real estate acquisition, building improvements, furniture and fixtures, equipment, inventory and supplies, and working capital.
  • Loan Terms: Amortization based on the business’ cash flow and useful life of assets being financed; not to exceed five (5) years
  • Interest Rate: Fixed at Wall Street Prime (WSP) plus 2 – 4% with fixed rate
  • Fees: 2% Origination Fee and Closing Costs

Coastal Enterprises Inc.
CEI, a community development finance institution headquartered in Brunswick, provides the following capital resources for Brunswick businesses: direct small business loans of $1,000 to $50,000; targeted industry loans for natural resources, energy and environment, childcare and refugee and immigrant businesses; SBA 504 loans up to $4 million for manufacturers; venture capital investments of less than $500,000 to over $1 million; and, New Markets Tax Credit investments of $2 million to $30 million. In addition to financing programs, CEI hosts Maine Small Business Development Center counselors, who can help small business owners with business planning and other business management issues.

  • Eligible Uses of Funds: Real estate acquisition and development, machinery and equipment and working capital.
  • Loan Terms: Interest rate and term depend on how funds are to be used, as well as the assets being used for collateral.

State of Maine Development Incentives

State of Maine Sales Tax Exemptions
Maine state sales tax exemptions are available for manufacturing, R&D, custom computer programming, fuel & electricity, biotechnology and clean fuel vehicle sales.

  • Manufacturing: Sales of machinery and equipment used by the purchaser directly and primarily in the production of tangible personal property for later sale or use is eligible for a sales tax exemption. In addition, items consumed or destroyed directly or primarily in production, and repair and replacement parts for qualified production equipment are exempt from sales tax.
  • Fuel & Electricity For Use In Manufacturing: Manufacturers are exempt from paying 95% of the sales tax on fuel and/or electricity used in the manufacturing operation.
  • Research and Development: Sales of machinery and equipment used by the purchaser directly and exclusively in research and development is eligible for a sales tax exemption.
  • Custom Computer Programming: Any custom computer programming purchased by a business is exempt from sales tax. If a standard program is purchased, then customized, the cost of the standard program would be taxable and the customizing, if separately stated, would be nontaxable.
  • Biotechnology: Sales of machinery, equipment, instruments and supplies used by the purchaser directly and primarily in a biotechnology application are eligible for a sales tax exemption.
  • Partial Clean Fuel Vehicle Sales Exemption: For businesses that sell clean fuel vehicles. For Industrial Users, the Blanket Certificate of Exemption can be found at here.

Efficiency Maine
Efficiency Maine has programs for businesses of all sizes, including multifamily buildings with five units or more and Maine’s largest energy customers. Learn more about Efficiency Maine’s programs for the Commercial and Industrial Sector:

Locate and contact an Efficiency Maine Qualified Partner to find out more about Efficiency Maine programs for your business.

The Maine Quality Centers 
The Maine Quality Centers provide customized workforce training grants for Maine employers seeking to locate or expand their operations in Maine or who are interested in providing training to their incumbent workers. Training programs are coordinated and delivered through Maine’s seven community colleges, and their staff will work with you to design a program that delivers the training the company needs when and where it is needed.

What MQC offers:

  • Grants to help cover the cost of customized training for workers or recruits. Apply for grant funding» 
  • Incumbent worker training.
  • Recruitment assistance—advertising and screening.
  • Pre-hire training for potential hires.
  • Post-hire training for new hires.
  • Targeted training for industry certifications.
  • Customized training, consultation, and curriculum.
  • Flexible scheduling—days, evenings, weekends.
  • Classes delivered at your worksite or on campus.

Pine Tree Development Zone (NOTE: Only businesses located on the Brunswick Landing are eligible)
Maine’s “enterprise zone” program offers qualifying businesses the opportunity to reduce or even eliminate state taxes for up to ten years. Qualified businesses that hire a minimum of one net new qualified employee may qualify for the following Pine Tree Development Zone (PTDZ) tax

  • Corporate Income Tax Credit (100%, Years 1-5; 50%, Years 6-10)
  • Employment Tax Reimbursement (80%, Years 1-10): the tax reimbursement benefit derives from employment/payroll taxes withheld for net new jobs created.
  • Sales and Use Tax (100% Personal Property Exemption, Years 1-10): Qualified businesses pay no tax on all new tangible personal property purchases for its qualified business activity.
  • Sales and Use Tax (100% Real Property Reimbursement, Years 1-10): Qualified businesses pay no tax on all new tangible property purchases that are to be physically incorporated in, and become a permanent part of, real property of a qualified business and used in its qualified business activity.
  • Access to reduced electricity rates: as requested by Central Maine Power and approved by the Public Utilities Commission.
  • Insurance Premiums Tax Credit (100%, Years 1-5; 50%, Years 6-10): only applies to Financial Services sector

Lending Resources

Finance Authority of Maine (FAME) FAME, Maine’s business and higher education finance authority, provides loan guarantees, direct lending and equity-like, patient capital to businesses located in Maine. Click here for more information regarding FAME financing programs, including loan applications.

The following is a summary of FAME’s primary programs:

 Loan Insurance Program – FAME’s Loan Insurance Program insures a portion of a loan (up to 90% loan insurance on pro-rata basis or up to 25% on leveraged basis) to a business made by a participating financial institution.

  • Eligible Uses of Funds: Machinery and equipment, working capital and refinancing of existing debt (under certain conditions)
  • Interest Rate: Determined by lender
  • Term: Consistent with the useful life of the assets being financed or provided as collateral
  • Other: Unlimited personal guarantees of business principals, secured by personal assets (where available), are generally required.

To access FAME’s Loan Insurance Program, businesses should apply for a commercial loan from a private bank or credit union.

 Economic Recovery Loan Program. Provides subordinate debt or gap financing of up to $750,000 to assist businesses in remaining viable and/or improving productivity. To be eligible, Maine-based businesses must exhibit a reasonable ability to repay the loan and demonstrate that other sources of capital have been exhausted.

  • Eligible Uses of Funds: Machinery and equipment, working capital and refinancing of existing debt (under certain conditions)
  • Interest Rate: Fixed at Prime plus 2%
  • Term: Maximum of five (5) years. Amortization based upon the borrower’s cash flow and useful life of assets being financed or additional collateral pledged.
  • Other: Unlimited personal guarantees of the business principals, secured by personal assets (where available), are required.

Maine Seed Capital Tax Credit Program. This program is designed to encourage equity and near-equity investments in eligible Maine businesses, directly and through private venture capital funds. FAME may authorize State income tax credits to investors for up to 60% of the cash equity they provide to eligible Maine businesses. Investments may be used for fixed assets, research or working capital.

Small Enterprise Growth Fund
The SEGF is a professionally managed venture capital fund that invests exclusively in Maine companies who demonstrate a potential for high growth and public benefit. SEGF initial investments are typically $100,000 to $300,000 per company, with additional capital available to continue to support the business. SEGF can provide only 50% of the capital raised in any financing round. The Fund has been actively investing in Maine companies since 1997, after its creation by an act of the Maine Legislature in 1995 to provide Maine companies and entrepreneurs access to patient sources of venture capital. The fund has received $13 million in capital contributions from the State of Maine and operates as a revolving, “evergreen” fund.

Maine Technology Institute
The Maine Technology Institute (MTI) is an industry-led, publicly funded, non-profit corporation that offers early-stage capital and commercialization assistance in the form of competitive grants, loans and equity investment for the research, development and application of technologies that create new products, processes and services, generating high-quality jobs across Maine. MTI offices are located in Brunswick.