ChiefExecutive.net

Gateway to the Artic?

If warming sea levels and a melting Arctic ice cap open up new shipping routes, Maine could be a future key player in trade with Europe. Port activity in Portland has grown by 20% annually since Icelandic shipping company Eimskip established operations there in 2013. In September, the first cruise ship traveled through the Northwest Passage, and in October, the Arctic Council met in Portland and highlighted Maine’s potential as the “gateway to the Arctic.”

From the Governor

“State government and its partners in the private sector are working hard to attract new businesses and new investment to the state every day.” —Gov. Paul R. LePage

Key Contacts

Dept. of Economic and Community Development

Denise Garland, Deputy Commissioner
207- 624-9800
59 State House Station
Augusta, ME 04333-0059
Denise.Garland@maine.gov
http://www.maine.gov/decd/index.shtml

Key Incentives

Pine Tree Development Zones (PTDZ): Enterprise zone program offers sales tax exemptions, state corporate income tax credits and employment tax increment financing for up to 10 years for qualified companies.

Opportunity Maine Tax Credit: Offers state in- come tax credit to businesses that pay monthly student loan payments for qualified employees.

Business Equipment Tax Exemption (BETE) Program: Offers a 100% exemption on personal property tax related to qualified business equipment.

Maine Seed Capital Tax Credit: Finance Authority of Maine offers state income tax credits to investors for up to 50% of cash equity they provide to eligible Maine businesses.

Maine Technology Asset Fund (MTAF): Offers $45 million in bond money to be distributed to qualified Maine projects focused on investments in R&D and commercialization for infrastructure, equipment and technology upgrades that enable organizations to grow.

EDCs

Maine Department of Economic & Community Development: www.maine.gov/decd

Maine Development Foundation: mdf.org

Greater Portland Economic Development Corp.: gpedc.org

Choose Bangor: choosebangor.com

Highlighted Program or Initiative

FocusMaine was founded in 2016 and aims to grow prosperity in the state by creating quality jobs in sectors with high-growth potential, including agriculture, aquaculture and biopharmaceuticals.

Big Deals

• E-commerce retailer Wayfair opened a second customer service center in Bangor in September 2016 with 450 new full-time Wayfair had previously opened its first center in Brunswick.
• Portland-headquartered veterinary technology company Vets First Choice announced a $223 million strategic investment to drive global growth and expansion.
• IT company Grand Rounds announced in May 2017 a new operations center in Lewiston and the creation of up to 200 new jobs over the next five years.
• LED manufacturer Cirrus LED relocated its headquarters from Silicon Valley to Saco in June 2017.
• Freeport-headquartered L. Bean announced in August 2017 it will create 100 jobs and open a new manufacturing facility in Lewiston.

C-Suite Testimonials

“Our workers in Maine are better at this than those in Boston or in India….If I had time, I could sell a million CEOs on what I did in Maine.” —Jonathan Bush, CEO, Athenahealth

“We’ve been able to attract talent to the state of Maine; we’ve been able to change the nature of our business because the employees that work with us in the state of Maine care deeply about the company and our strategy.” —Kevin McCarthy, COO, Unum Group

“What I find about our workforce is that they are a dedicated, professional workforce who care about the customers and care about results….The (900+) people who work here are hard-working, dedicated professional workers. I think you would have a great success if you chose to move our business here.” —Sara Burns, President and CEO, Central Maine Power