Maine Data and Stories

State Fact Sheet

Map of Selected Projects in Maine

Community Testimonials

The New Market Tax Credit program has a 25-year history of supporting and up-scaling small businesses, across many sectors; from day-care centers, health-care clinics and business incubators to manufacturing expansions and other rural revitalization projects. The feasibility of many of these projects relies on the unique financial leverage of this tax credit program. Much of the tax credits are invested in rural areas – critical to the ongoing efforts to avoid out-migrations, as we have witnessed in our State. We strongly urge you to support the renewal and extension of the New Market Tax Credit Act. Sincerely, Janice de Lima Vice President/CRA Officer

-Janice de Lima, Vice President & CRA Officer, Norway Savings Bank

Selected Projects in Maine

Educare Central Maine

Waterville,
ME
(2011)

Community, Daycare and Early Childhood, Rural, Youth and Families

CDE(s): CEI Capital Management

NTMC financing funded Educare Central Maine, the first Educare site in New England.

New England Forestry

Jackman,
ME
(2005)

Manufacturing, Rural, Timber and Agriculture

CDE(s): Bluehub, Rural Development Partners

The wood industry is one of the largest employers in the state of Maine accounting for approximately 19,000 jobs.

MedRhythms, Inc.

Portland,
ME
(2023)

Healthcare

CDE(s): Advantage Capital, Community Development Venture Capital Alliance

MedRhythms, Inc. (“MedRhythms”) is a digital therapeutics company using sensors, software, and music to deliver Auditory-Motor Entrainment (“AME”) therapy to chronic stroke survivors. Rhythmic auditory stimulation unconsciously synchronizes with the

Seaport Community Health Center

Belfast,
ME
(2023)

FQHCs

CDE(s): Evernorth Rural Ventures

New Markets Tax Credit Investment to Expand Penobscot Community Health Care’s Seaport Community Health Center

Vets Choice

Portland,
ME
(2017)

Manufacturing

CDE(s): Advantage Capital

Financed hip, modern offices of Vets First Choice on Commercial Street in Portland. The company provides pharmacy services for animal care at its 170,000 sq. ft. headquarters.

80 Exchange, LLC.

Portland,
ME
(2018)

Mixed-use, Restaurants and Catering, Retail

CDE(s): Mascoma Community Development

NMTC financing totaling $2,000,000 to was used to improve a 13,087 sq. ft. commercial building located at 80 Exchange Street in Portland, ME. Tenants consist of various restaurants, retail and

MedRhythms, Inc.

Portland,
ME
(2021)

Manufacturing

CDE(s): Advantage Capital, Community Development Venture Capital Alliance

MedRhythms is the developer of a digital therapeutics platform to deliver rhythmic auditory stimulation therapy to chronic stroke survivors. While RAS therapy typically takes place in a clinical setting, MedRhythms’s

Go Lab

Madison,
ME
(2021)

Business Development, Incubator

CDE(s): Mascoma Community Development, MHIC

A New Markets Tax Credit transaction funds construction of a wood-fiber insulation factory at the former UPM paper mill in Madison.

Gulf of Maine Research Institute

Portland,
ME
(2004)

Business Development, Research, Science and Tech

CDE(s): CEI Capital Management

Construction of a 44,000 sq. ft. marine research/education laboratory on the waterfront in Portland, with a mission of sup-porting the fishing industry in the Gulf of Maine.

Appalachian Mountain Club Maine Woods Projects

Piscataquis County,
ME
(2005)

Community, Manufacturing, Rural, Timber and Agriculture

CDE(s): CEI Capital Management

NMTC investments raise the profile of rural Maine as a premier, nature-based tourism destination.

Quoddy

Lewiston,
ME
(2013)

Business Development, Manufacturing

CDE(s): Advantage Capital

Established over 100 years ago, Quoddy is a high-end, hand-sewn shoe manufacturer.

Grand Lake Stream Woodlands

Grand Lake Stream,
ME
(2009)

Affordable Housing, Manufacturing, Rural, Timber and Agriculture

CDE(s): CEI Capital Management

Grand Lake Stream Plantation is a town located in rural Washington County, Maine.

Site visits and recent news related to Maine NMTC Projects

Sen Collins, Sen. King, former Rep. Poliquin tour St. Croix Tissue

Wednesday was the official ribbon cutting for the two new machines at the St. Croix Tissue Mill. Members of Maine’s congressional delegation said this new investment will push Maine to the forefront of the paper industry.

Learn more...

Aug-2016

$65M in federal funds will expand tax credits for manufacturing growth in Maine, nationwide

September 24, 2024

NMTC Investments help Moosehead businesses expand and diversify to support region’s tourism economy

June 21, 2022