The Maine Technology Institute received requests for $24.9 million in funding from its Maine Technology Asset Fund 2.5 (MTAF2.5) by last week’s deadline. With only $2 million available, that means requests surpassed the amount of available funding by 1,100%.

The MTAF2.5 provides funding to Maine companies to invest in R&D equipment, infrastructure, and technology upgrades. This is the final $2 million available from a total of $45 million received as result of a voter-approved bond in 2017. MTI issued this latest request for proposals in mid-February with an initial deadline of March 27, but that was extended to April 24 due to COVID-19.

MTI President Brian Whitney reported that the organization received 84 proposals, ranging in amount from $1,750 to the max amount of $500,000 (25 proposals sought the maximum $500,000 amount). A majority of the proposals (44) sought more than $250,000 in MTAF2.5 funding, according to MTI.

Proposals came from 15 of Maine’s 16 counties. Companies in Cumberland County counted for the majority of proposals with 26.

Of the seven technology sectors MTI invests in, the one with the most proposals was the marine and aquaculture sector with 33. Information technology applicants submitted 12 proposals, advanced materials applicants submitted 11, and the four remaining sectors ranged from five to eight proposals each, according to MTI.

Whitney told Maine Startups Insider the review process will begin as soon as this week and that he hopes MTI will be making funding decisions in June. He said proposals will be evaluated on how they best achieve, to the greatest possible extent and for the greatest possible impact, the four economic outputs outlined in the original bond legislation: How the project will help them gain and hold market share, increase revenues, and grow or preserve jobs for Maine people.

Asked if all accepted proposals will be fully funded or if MTI will seek to maximize the number of companies receiving money by not fully funding some requests, Whitney said the latter was likely.

“We have not yet started to review the slide decks so it’s too early to say but I expect we will try to maximize the impact of our awards to the extent possible,” he said. “So, it’s quite possible that applicants will receive offers for less than they requested and will be expected to increase their match commitment to achieve the proposed project deliverables.”

The MTAF2.5 funding round will also strive to prioritize support for companies or organizations representing rural or economically disadvantaged regions of Maine, Whitney said.