Stages:

• Early
• Growth

 

Industries:

Information Technology

 

Description:

The Maine Economic Development Venture Capital Revolving Investment Program is designed to allow the State of Maine to invest as an equal partner with others in eligible private venture capital funds to support emerging and early-growth businesses in Maine. It is intended to utilize experienced professional fund managers to increase the probability of successful investments and the success of recipient companies. The firm's maximum investment is $1,000,000 per fund. The Board of Directors of the Finance Authority of Maine (FAME) approved a new rule to govern the newly created Maine New Markets Capital Investment Program. The Maine New Markets Capital Investment Program provides refundable state tax credits of up to 39% to investors in qualified community development entities (CDEs) that reinvest in certain businesses in eligible low-income communities in Maine. The program is modeled after the federal New Markets Tax Credit Program, and is administered by the Finance Authority of Maine, in cooperation with Maine Revenue Services and the Maine Department of Economic and Community Development. As of January 28, 2013, the program statutory limit of $30 million has been reached. Absent future legislative action, FAME will be unable to process applications or issue tax credits. FAME will not award any further credits at this time, even if investments have already been made. FAME is overseen by a 15-member board of directors.