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Maine Technology Institute (MTI) Launches Remote Office in Downtown Waterville

July 17, 2019

Waterville, ME – The Maine Technology Institute (MTI) has announced the launch of its new remote office in Waterville, Maine. The MTI office at 50 Elm Street is co-located with several economic development and business support organizations, including the Mid-Maine Chamber of Commerce, Central Maine Growth Council, and a Small Business Development Center counselor of Coastal Enterprises, Inc. (CEI).

“With the addition of MTI, 50 Elm Street is truly a one-stop shop for business development, whether an operation is in its infancy, maturity, or still only a concept,” explains Kimberly Lindlof, president and CEO of the Mid-Maine Chamber and executive director of the Central Maine Growth Council. “Between the four organizations, businesses have access to a wide range of resources, including business plan development, site location identification, funding opportunities and capital resources, marketing and networking, and more.”

A nonprofit corporation publicly funded by the State of Maine, MTI provides financial and business development support to assist innovative businesses in converting and scaling their concepts into new products, processes, and companies. Through loans, grants, equity investments, and business development services, MTI grows and diversifies Maine’s economy. In 2018, MTI awarded over $57 million, in large part due to the Maine Technology Asset Fund 2.0 bond funding, to generate $1.4 billion in economic impact and 5,350 jobs across Maine.

“MTI is pleased to establish a remote office in Waterville to better facilitate meetings with clients and partners and to amplify MTI’s profile in the region,” said Brian Whitney, MTI’s President.  “MTI’s funding resources, services and connections are extraordinarily valuable to entrepreneurs, businesses and industry clusters and this new satellite office should help us magnify our impact in the broader Mid-Maine region of the state.”

The launch of MTI’s new remote office coincides with strong economic growth in the mid-Maine region. With over $100 million invested in downtown Waterville, over twenty (20) acquisitions of commercial properties, and several new businesses, including MTI-funded GenoTyping Center of America, the area attracts organizations looking to scale.

“Over the past year, we have observed a significant uptick in businesses visiting 50 Elm Street to establish and grow their operations in the greater Waterville region,” explains Garvan D. Donegan, director of planning and economic development at Central Maine Growth Council. “The addition of MTI to our building, within the downtown’s growing technology and innovation landscape, completes the technical assistance team that start-ups, entrepreneurs, and business owners need to succeed, providing pathways to investment at critical junctures to propel firms’ operations to the next level.”

About Maine Technology Institute

Founded and funded by the Maine State Legislature in 1999, MTI offers grants, loans, equity investments, and services to support Maine’s innovation economy. It supports new ideas, products, or methods with the potential to grow and diversify Maine’s economy and increase the number of quality jobs throughout the state through direct support of innovators and through support of programs and infrastructure that encourage innovation. MTI is headquartered in Brunswick, ME and operates satellite offices in Portland and Waterville. For more information about MTI or its services please call (207) 582-4790 or visit its website at www.mainetechnology.org.

Last modified: July 17, 2019

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